MIRA INFORM REPORT
|
Report No. : |
352485 |
|
Report Date : |
02.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
ASAHI INDIA GLASS
LIMITED (w.e.f. 26.09.2002) |
|
|
|
|
Formerly Known
As : |
ASAHI INDIA SAFETY
GLASS LIMITED |
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Registered
Office : |
Unit No.203 to 208, Tribhuwan Complex, Ishwar Nagar, Mathura Road, New
Delhi – 110065 |
|
Tel. No.: |
91-11-49454900 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
10.12.1984 |
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Com. Reg. No.: |
55-019542 |
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Capital
Investment / Paid-up Capital : |
Rs.243.100 Million |
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CIN No.: [Company Identification
No.] |
L26102DL1984PLC019542 |
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IEC No.: |
0588130311 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELA00485C |
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PAN No.: [Permanent Account No.] |
AADCA7706R |
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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 of
Glass and Glass Products. (Registered Activity) |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1984 having
satisfactory track. Subject is engaged in the manufacturing of glass and glass products
for application in the automobile and construction sectors. Available financial indicates sound financial risk profile marked by
healthy networth base along with good profit margin and favorable gap between
trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments
terms are reported as usually correct and as per commitment. In view of long track record and sound financial base, the company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities= BBB- |
|
Rating Explanation |
Moderate degree of safety and carry moderate
credit risk. |
|
Date |
08.07.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities= A3 |
|
Rating Explanation |
Moderate degree of safety and carry higher
credit risk. |
|
Date |
08.07.2015 |
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
31-03-2015.
INFORMATION DENIED
Management Non Co-operative (91-11-49454900)
LOCATIONS
|
Registered Office : |
Unit No.203 to 208, Tribhuwan Complex, Ishwar Nagar, Mathura Road, New
Delhi – 110065, India |
|
Tel. No.: |
91-11-49454900 |
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Fax No.: |
91-11-49454970 |
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E-Mail : |
gopal.ganatra@aisglass.com |
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Website : |
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Corporate
Office : |
5th
Floor, Tower B, Global |
|
Tel. No.: |
91-124-4062212-19 |
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Fax No.: |
91-124-4062244/88 |
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Integrated Glass Plant : |
Float, Automotive, Architectural Plot - A, B & B1, AIS Industrial Estate, Village Latherdeva Hoon, Mangular Jhabrera Road, PO: Jhabrera, Tehsil-Roorkee, District Haridwar - 247 667, Uttarakhand, India |
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Tel. No.: |
91-1332-224007/08/10/14/15/32/88 |
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Fax No.: |
91-1332-224114, 224006 |
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AIS Auto Glass : |
Plants
Tel: 91-1284- 268600-09 Fax:91-1284- 264185
Tel: 91-44-47103442/45 Fax: 91-44-47100441
Tel: 91-22- 65652012 |
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Sub Assembly Unit |
Tel No.: 91-80-66701100/1-7
Tel No. : 91-2135-676869
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AIS Float Glass : |
Tel No.: 91-22-39256000/39256123 Fax No.: 91-22-27410449,
27410176 |
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Sales and Marketing Office: |
Unit No. 305,
3rd Floor, Platinum Techno Park, Sector – 30/A, Vashi, Navi Mumbai - 400 705,
Maharashtra, India |
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Tel. No.: |
91-22- 66568700 |
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Fax No.: |
91-22- 66568701 |
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Corporate Project
Team : |
Unit No. 209-210, Tribhuwan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110 065, India |
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Tel. No.: |
91-11-49454900 |
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Fax No.: |
91-11-49454970 |
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Zonal Office : |
Unit No.
203-208, Tribhuwan Complex, Ishwar Nagar, Mathura Road, New
Delhi – 110 065, India Tel: 91-11-49454900 Fax: 91-11-49454970
No.
2-C, 1st Floor, Ruby Regency Dinrose Estate, No. 69, Anna Salai, Chennai
- 600 002, Tamilnadu, India Tel: 91-44-28542491/92/93 Fax: 91-44-28542494
86-B/2,
Topsia Road, 4th Floor, Room No. 4, Gajraj Chamber, Kolkata
– 700 046, West Bengal, India Tel: 91-33-22853201/02/03 Fax:
91-33-22853204 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. B. M. Labroo |
|
Designation : |
Chairman |
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Name : |
Mr. Sanjay Labroo |
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Designation : |
Managing Director and Chief Executive Officer |
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Name : |
Mr. Masaru Omae |
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Designation : |
Dy. Managing Director and C.T.O. (Auto) |
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Name : |
Mr. GautamThapar |
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Designation : |
Director |
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Name : |
Mr. Gurvirendra Singh Talwar |
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Designation : |
Director |
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Name : |
Mr. Kenichi Ayukawa |
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Designation : |
Director |
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Name : |
Mr. Masahiro Takeda |
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Designation : |
Director |
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Name : |
Mr. Masakazu Sakakida |
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Designation : |
Director |
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Name : |
Mr. Rahul Rana |
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Designation : |
Director |
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Name : |
Ms. Shradha Suri |
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Designation : |
Director |
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Name : |
Dr. Surinder Kapur (Dr. Surinder Kapur sadly passed away on 30th June, 2015) |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Shailesh Agarwal |
|
Designation : |
Chief Financial Officer and Executive Director |
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|
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|
Name : |
Mr. Gopal K. Ganatra |
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Designation : |
Chief – GRC, General Counsel and Company Secretary Vice President (MD and CEO’s Office) |
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BOARD COMMITTEES |
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Audit Committee : |
Mr. Rahul Rana - Chairman Mr. GautamThapar - Member Dr. Surinder Kapur - Member (Dr. Surinder Kapur sadly passed away on 30th June, 2015) |
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Nomination and
Remuneration Committee : |
Mr. GautamThapar - Chairman Mr. B. M. Labroo - Member Mr. Rahul Rana - Member Dr. Surinder Kapur - Member (Dr. Surinder Kapur sadly passed away on 30th June, 2015) |
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Stakeholders
Relationship Committee : |
Mr. B. M. Labroo - Chairman Mr. Masaru Omae - Member Mr. Sanjay Labroo - Member |
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Corporate Social Responsibility
Committee : |
Mr. G. S. Talwar - Chairman Mr. B. M. Labroo - Member Mr. Sanjay Labroo - Member |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
43549888 |
17.92 |
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|
31312713 |
12.88 |
|
|
74862601 |
30.80 |
|
|
|
|
|
|
3416000 |
1.41 |
|
|
53990400 |
22.21 |
|
|
57406400 |
23.62 |
|
Total shareholding of Promoter
and Promoter Group (A) |
132269001 |
54.41 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2301900 |
0.95 |
|
|
48431 |
0.02 |
|
|
1753153 |
0.72 |
|
|
2024 |
0.00 |
|
|
2024 |
0.00 |
|
|
4105508 |
1.69 |
|
|
|
|
|
|
27614003 |
11.36 |
|
|
|
|
|
Individual shareholders holding
nominal share capital up to Rs.0.100 million |
18884229 |
7.77 |
|
Individual shareholders holding
nominal share capital in excess of Rs.0.100 million |
56350582 |
23.18 |
|
|
3866608 |
1.59 |
|
|
3074 |
0.00 |
|
|
3172091 |
1.30 |
|
|
338480 |
0.14 |
|
|
352963 |
0.15 |
|
|
106715422 |
43.90 |
|
Total Public shareholding (B) |
110820930 |
45.59 |
|
Total (A)+(B) |
243089931 |
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) |
243089931 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Glass and Glass Products. (Registered Activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
NOTES: Short Term Borrowings * Rs.391.200 million are secured by first pari-passu charge on current assets of the Company, Rs.1450.300 million are secured by first pari-passu charge on current assets and second pari-passu charge on the fixed assets of the Company, Rs.812.400 million secured by first pari-passu charge by way of hypothecation on stock and book debts and first pari-passu charge on the immovable assets of the Bawal Plant of the Company, Rs.150.000 million is secured by first pari-passu charge on movable and immovable fixed assets of Bawal Plant, Rs.5.100 million are secured by second charge on immovable fixed assets of T-16 Taloja Plant and Rs.75.000 million is secured by subservient charge on assets of the Chennai Plant of the Company. ** Rs.250.000 million are secured by first pari-passu
charge on current assets of the Company both present and future. |
|
Statutory Auditors
: |
|
|
Name : |
Jagdish Sapra and Company Chartered Accountants |
|
|
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Collaborators : |
Not Divulged |
|
|
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Membership : |
Not Divulged |
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|
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Subsidiaries : |
· AIS Glass Solutions Limited · Integrated Glass Materials Limited · GX Glass Sales and Services Limited |
|
|
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Associates : |
· AIS Adhesives Limited · AIS Distribution Services Limited (Formerly Asahi India Map Auto Glass Limited) · Vincotte International India Assessment Services Private Limited |
|
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|
Enterprises owned
or significantly influenced by key management personnel or their relatives : |
· Shield Autoglass Limited · Samir Paging Systems Limited · R. S. Estates Private Limited · Nishi Electronics Private Limited · Maltex Malsters Limited · Essel Marketing Private Limited · Allied Fincap Services Limited · Usha Memorial Trust |
|
|
|
|
Other related
parties where control exists : |
· Asahi Glass Company Limited, Japan |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Re.1/- each |
Rs.500.000 Million |
|
600000 |
Preference Shares |
Rs.100/- each |
Rs.60.000 Million |
|
9000000 |
Preference Shares |
Rs.10/- each |
Rs.90.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.650.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
243089931 |
Equity Shares |
Re. 1/- each |
Rs.243.100 Million |
|
|
|
|
|
The Company has only one class of issued shares referred to as equity shares having a par value of Rs.1 each. 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 shareholders in the ensuing General Meeting except in case of interim dividend.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.
The details of
shareholders holding more than 5% of the aggregate shares in the Company
|
Name of
Shareholders |
No of Shares |
% held |
|
Asahi Glass Company Limited, Japan |
53990400 |
22.21 |
|
Maruti Suzuki India Limited |
26995200 |
11.11 |
|
Mr. B. M. Labroo |
13783920 |
5.67 |
|
Mr. Sanjay Labroo |
15476121 |
6.37 |
Reconciliation
of the equity shares outstanding
|
Particulars |
No of Shares |
Rs. In Million |
|
Balance
at the beginning of the year |
159927586 |
159.900 |
|
Changes
during the year |
83162345 |
83.200 |
|
Balance at the end of the year |
243089931 |
243.100 |
Reconciliation
of the equity shares outstanding
|
Particulars |
No of Shares |
Rs. In Million |
|
Balance
at the beginning of the year |
243089931 |
243.100 |
|
Issued during the year - rights basis |
- |
- |
|
Balance at the end of the year |
243089931 |
243.100 |
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 |
243.100 |
243.100 |
159.900 |
|
(b) Reserves & Surplus |
2866.800 |
2383.500 |
387.500 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
500.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3109.900 |
2626.600 |
1047.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
8101.800 |
4098.000 |
6116.700 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1981.200 |
153.000 |
156.700 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
10083.000 |
4251.000 |
6273.400 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3170.400 |
6970.800 |
7804.800 |
|
(b) Trade
payables |
2771.600 |
4782.900 |
5123.800 |
|
(c) Other
current liabilities |
3511.800 |
4510.200 |
3021.500 |
|
(d) Short-term
provisions |
164.600 |
103.100 |
113.700 |
|
Total Current
Liabilities (4) |
9618.400 |
16367.000 |
16063.800 |
|
|
|
|
|
|
TOTAL |
22811.300 |
23244.600 |
23384.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
10223.000 |
11210.700 |
11741.300 |
|
(ii)
Intangible Assets |
40.700 |
46.600 |
58.500 |
|
(iii) Impaired Assets
Held for Disposal |
705.300 |
13.300 |
10.500 |
|
(iv)
Capital Work-in-Progress |
405.600 |
427.200 |
325.900 |
|
(b) Non-current Investments |
163.700 |
162.800 |
162.800 |
|
(c) Deferred tax assets (net) |
1036.200 |
1144.800 |
919.700 |
|
(d) Long-term Loan and Advances |
567.100 |
424.600 |
514.500 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
13141.600 |
13430.000 |
13733.200 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
4960.100 |
4748.300 |
4712.400 |
|
(c) Trade
receivables |
3455.600 |
4041.700 |
3646.500 |
|
(d) Cash
and cash equivalents |
292.700 |
266.400 |
602.700 |
|
(e)
Short-term loans and advances |
955.300 |
753.200 |
681.300 |
|
(f) Other
current assets |
6.000 |
5.000 |
8.500 |
|
Total
Current Assets |
9669.700 |
9814.600 |
9651.400 |
|
|
|
|
|
|
TOTAL |
22811.300 |
23244.600 |
23384.600 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20405.700 |
20912.900 |
18987.100 |
|
|
|
Other Operating Revenue |
166.400 |
137.900 |
147.300 |
|
|
|
Other Income |
176.300 |
55.900 |
107.600 |
|
|
|
TOTAL (A) |
20748.400 |
21106.700 |
19242.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6843.700 |
6772.100 |
6489.500 |
|
|
|
Purchase of Stock in Trade |
270.100 |
51.500 |
112.300 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and
Stock-in-Trade |
192.000 |
108.800 |
(122.700) |
|
|
|
Employee Benefits Expense |
1707.600 |
1646.800 |
1520.100 |
|
|
|
Other Expenses |
8390.200 |
10158.000 |
9461.500 |
|
|
|
Exceptional Item |
42.900 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
17446.500 |
18737.200 |
17460.700 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3301.900 |
2369.500 |
1781.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1593.300 |
1625.000 |
1691.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
1708.600 |
744.500 |
89.800 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
1071.800 |
1370.700 |
1485.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
636.800 |
(626.200) |
(1395.900) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
134.700 |
(224.000) |
(478.000) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
502.100 |
(402.200) |
(917.900) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1122.600) |
(720.400) |
197.500 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(620.500) |
(1122.600) |
(720.400) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of Exports (excluding paid samples) |
380.800 |
552.700 |
521.500 |
|
|
|
Interest and Commission / Miscellaneous Income |
2.800 |
3.300 |
18.500 |
|
|
TOTAL EARNINGS |
383.600 |
556.000 |
540.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4095.000 |
3749.500 |
3669.100 |
|
|
|
Stores & Spares |
696.500 |
653.300 |
635.300 |
|
|
|
Capital Goods |
126.400 |
104.900 |
74.500 |
|
|
|
Stock in trade |
168.600 |
43.900 |
83.700 |
|
|
TOTAL IMPORTS |
5086.500 |
4551.600 |
4462.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
2.07 |
(1.96) |
(5.68) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturity of
Long Term Debt |
|
|
|
|
From Banks |
1436.600 |
1413.200 |
1414.000 |
|
From Others |
1449.100 |
1458.300 |
93.600 |
|
Current Maturity of Finance Lease Obligations |
17.700 |
9.800 |
11.000 |
|
Interest Accrued but not due on Borrowings |
66.000 |
55.600 |
84.200 |
|
Interest Accrued and Due on Borrowings |
0.000 |
0.000 |
5.300 |
|
Book Overdraft with Banks |
6.300 |
17.800 |
17.400 |
|
Unpaid Dividend |
0.000 |
1.100 |
2.200 |
|
Total |
2975.700 |
2955.800 |
1627.700 |
|
|
|
|
|
|
Cash generated from operations |
2274.400 |
1627.200 |
2419.800 |
|
Net cash from operating activities |
479.300 |
82.100 |
1114.400 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net sales |
|
5261.300 |
5499.200 |
|
Total Expenditure |
|
4302.600 |
4540.900 |
|
PBIDT (Excluding Other Income) |
|
958.700 |
958.300 |
|
Other income |
|
9.600 |
9.100 |
|
Operating Profit |
|
968.300 |
967.400 |
|
Interest |
|
372.200 |
360.700 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
596.100 |
606.700 |
|
Depreciation |
|
261.400 |
264.300 |
|
Profit Before Tax |
|
334.700 |
342.400 |
|
Tax |
|
115.900 |
118.400 |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit after tax |
|
218.800 |
224.000 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
218.800 |
224.000 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin PAT / Sales |
(%) |
2.46 |
(1.92) |
(4.83) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
16.18 |
11.33 |
9.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
3.11 |
(2.91) |
(6.35) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
(0.24) |
(1.33) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.58 |
5.34 |
14.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01 |
0.60 |
0.60 |
STOCK
PRICES
|
Face Value |
Rs.1.00/- |
|
Market Value |
Rs.154.80/- |
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 |
159.900 |
243.100 |
243.100 |
|
Reserves & Surplus |
387.500 |
2383.500 |
2866.800 |
|
Share Application money pending
allotment |
500.000 |
0.000 |
0.000 |
|
Net
worth |
1047.400 |
2626.600 |
3109.900 |
|
|
|
|
|
|
long-term borrowings |
6116.700 |
4098.000 |
8101.800 |
|
Short term borrowings |
7804.800 |
6970.800 |
3170.400 |
|
Current Maturities of Long term debt |
1627.700 |
2955.800 |
2975.700 |
|
Total
borrowings |
15549.200 |
14024.600 |
14247.900 |
|
Debt/Equity
ratio |
14.846 |
5.339 |
4.581 |
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 |
18987.100 |
20912.900 |
20405.700 |
|
|
|
10.143 |
(2.425) |
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
|
18987.100 |
20912.900 |
20405.700 |
|
Profit |
(917.900) |
(402.200) |
502.100 |
|
|
(4.83%) |
(1.92%) |
2.46% |
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 |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
PERFORMANCE
OVERVIEW
The financial
year 2014-15 witnessed the results of recent internal improvement programs and
also reflected the positivity of the macro environment.
The net sales
of the Company stood at Rs.20572.100 million in 2014-15 as against Rs.21050.800
million in the financial year 2013-14. Operating Profit has increased 41.16%
from Rs.2369.500 million in the previous year to Rs.3344.800 million in the
financial year 2014-15. The Company posted a profit (PAT) of Rs.502.100 million
in the financial year 2014-15 against a loss of Rs.402.200 million in the
previous year.
A detailed
analysis of Company’s operations in terms of performance in markets,
manufacturing activities, business outlook, risks and concerns forms part of
the Management Discussion and Analysis, a separate section of this Annual
Report.
During the
year, there has been no change in the nature of business of the Company.
Further, no material changes and commitments have occurred between the end of
the financial year and the date of the report affecting the financial position
of the Company.
MANAGEMENT DISCUSSION AND ANALYSIS
OVERVIEW
An overall
improvement in economic sentiment pushed up demand in the Automotive Glass and
Architectural Glass segments – the two key drivers of growth for the glass industry.
A leading
integrated glass manufacturer, Asahi India Glass Limited has a leadership
position across both these segments through its Strategic Business Units. The
Company, which indigenously manufactures and processes world-class products
through 13 plants / sub-assembly units, holds 76 percent share in the Indian
automotive glass market. It also has a strong customer interface (Consumer
Glass) and a growing presence in Solar Glass.
MACRO-ECONOMIC REVIEW
GLOBAL
The global economy
remained flat during calendar year (CY) 2014, with global growth at 3.4 percent
– the same as in CY 2013. The modest improvement in growth in the United States
was offset by subdued growth in the Euro region and Japan, and the slowdown in
emerging and developing economies. The legacy of the 2008-09 financial and Euro
crises continued to stall growth in several countries even as the pre-2008
problems, such as ageing population, productivity slowdown and lower capital
formation, weighed down heavily on the global growth potential. Geopolitical
conflicts, notably in Ukraine and the Middle East, also triggered stress on the
global financial landscape.
Advanced
economies showed slight improvement to push growth output to 1.8 percent
against 1.4 percent in the previous year on the back of income growth, job
opportunities and improved consumer sentiment. The US posted 2.4 percent growth
(against 2.2 percent in the previous year). Emerging economies, however,
continued to suffer a slowdown, with China recording its slowest pace of growth
in 24 years (7.4 percent in CY 2014 against 7.7 percent in CY 2013). Overall,
growth output in the emerging markets slid further from 5.0 percent in CY 2013
to 4.6 percent in CY 2014.
The stagnation
in the global economy pulled down oil consumption in some important markets,
leading to an oversupply situation and resultant sharp decline in oil prices.
Consumption declined in Organisation for Economic Cooperation and Development
(OECD) countries, mainly in Europe and the Pacific, after an unusual increase
in 2013. Though oil consumption growth in emerging market economies remained
low, at about 1.1 mbd, they still showed an increase of 2.5 percent over the
previous year to account for the entire net growth in consumption. With supply
remaining ahead of demand, OECD crude oil inventories showed a marked increase.
A low oil price environment is conducive for growth in major oil importing
countries like the US, the Euro region, China and India.
INDIA
A stable
political dispensation at the Centre, followed by key government interventions
aimed at infusing positivity in the economy, enabled improvement in the overall
consumer and economic sentiment. Current account deficit and exchange rates
remained stable and interest rates came down during the year. India’s current
account deficit was a mere 0.2 percent of gross domestic product (GDP) for the
March 2015 quarter. For FY 15 as a whole, the current account deficit was a low
1.3 percent of GDP.
The improved
economic growth scenario was reflected in the declining inflation trends. The
inflation rate in India was recorded at 4.87 percent in April 2015. The
inflation rate averaged 8.60 percent from 2012 until 2015, reaching an all-time
high of 11.16 percent in November 2013 and a record low of 4.38 percent in
November 2014.
After being one
of the worst performing currencies during most of FY 2014, the Rupee
depreciated 4.3% against the US Dollar and still remained one of the best
performers in the world.
INDUSTRY
With the
improvement in economic sentiment, the industrial sector also showed marginal
increase – from 6.6 percent in FY 2014 to 7.2 percent in FY 2015 (in Gross
Value Added terms), with manufacturing rising to 7.1% from 5.3% in the same
period. Construction also picked up, rising from 2.5 percent to 4.8 percent - a
sign of an overall positivity in the market. The automobile sector – another
key driver of growth for the glass industry – also showed improvement, with
commercial vehicles in the country growing 5.3 percent in January 2015, and car
sales up 3.14 percent, from a year ago, according to the Society of Indian
Automobile Manufacturers (SIAM).
The glass
industry, too, witnessed the effects of these uneven growth prospects as
positive demand in some regions was negated by sluggish demand in others.
Overall, however, the glass industry showed an upturn, buoyed by the
improvement in consumer sentiment in key markets. It is estimated that the flat
glass market will grow to around $66.6 billion by 2019.
The
architectural market will remain the largest segment, with the new
architectural trends and increasing demand for energy efficient glass likely to
foster industry demand.
The growth
drivers are, thus, in place and the prospects for the coming years are bright. The
International Monetary Fund (IMF) has recently projected that India will
overtake China as the fastest growing emerging economy in FY 2016 by clocking a
growth rate of 7.5 percent, boosted by its recent policy initiatives, pick-up
in investments and lower oil prices.
AUTO GLASS
Subject is a
leading supplier of glass to the automotive industry since more than 2 decades.
Its diversified product range makes it a preferred supplier of the Original
Equipment Manufacturers (OEMs) in India. SUBJECT manufactures and offer
products like laminated windshields, defogger glass, tempered glass for
sidelites and backlites, rain sensor windshield, heated windshield, and plug-in
window to most of India’s leading OEMs across all segments.
The OEM segment
continues to be the prime driver of the business with a lion’s share in total
auto glass sales of the Company. The rest of the sales is for the after-market,
spares and exports. In fact, it is the Company’s strong relationships with the
OEMs that have been built over the years through strong performance in terms of
QCDD – Quality, Cost, Delivery and Development of product that is the prime
driving force of the business.
INDUSTRY STRUCTURE AND DEVELOPMENT
Passenger
Vehicles segment grew by 3.90 % in FY 2015 over the previous year. Within the
Passenger Vehicles segment, Passenger Cars and Utility Vehicles grew by 4.99 %
and 5.30 % respectively, while Vans declined by 10.19 percent in FY 2015 over
the same period last year.
The tepid
demand in the local market in the last three years saw a renewed exports thrust
by automobile firms, particularly those that saw a sharp decline in domestic
volumes. The exports of passenger vehicles grew by 4.42%. Overall car sales in
India contracted by 7% and 5% in FY 2013 and FY 2014, rising 5% in FY 2015.
The commercial
vehicles segment saw a decline in the production of LCVs by 17%. However, the
production of MHCVs increased by 37.82%. The growth in the three wheelers
segment was 12.81%. The total automobile market increased by 5.45% to 4.886
million vehicles in FY 2015. The production data in the last 4 years is
depicted in the following chart.
OPERATIONS
During the
year, operations at subject Auto Glass plants continued to remain smooth and
peaceful. During the FY 2015, Subject received the Overall Excellence Award and
Recognition for superior performance in the field of Manufacturing Excellence
and Human Resource from Maruti Suzuki India Limited, Certificate Appreciation
for achieving target in Delivery and Quality, National Quality Award and
Supplier of the year – Runner up 5th position from Toyota Kirloskar
Motor Private Limited, Certificate of Appreciation – Best Customer Support for
the year 2014 from Mobis, spares division of Hyundai Motor India Limited, ‘A’
Rating achievement award from Volkswagen India Private Limited and Quality
Excellence 2014 award from Volvo Buses India Private Limited. These recognition
are a symbol of customer faith and trust in our abilities and commitments.
OUTLOOK
Through a very
modest growth this year, almost all major OEMs continued their aggressive work
on new models for future launches. SUBJECT continued to win very large share of
new model business awarded through the year. Overall outlook of the auto
industry remains bullish in the near future.
ARCHITECTURAL GLASS
Subject is a
leading company manufacturing wide varieties of float glass, processed glass
and other value added products. The product range of this SBU includes heat reflective
glass, energy efficient reflective glass, solar control glass, UPVC windows,
tempered burglar proof glass, decor glass, frosted glass, sound resistant
glass, impact resistant glass and many more products, in varied thickness,
colours and other specifications.
INDUSTRY
STRUCTURE AND DEVELOPMENT
Architectural
glass industry in India primarily comprises of
~ Rs.40000.000
million float glass industry with 5 players and
~ Rs.20000.000
million processing glass industries with about 200 small players (mostly
unorganized and small) across the country.
Subject is the
second largest and the largest company in the float and processing segment
respectively.
The sector has
been badly affected in the last few years because of the slowdown in the real
estate and construction sectors – the principal customers, new capacity
additions and dumped imports. While demand conditions improved marginally,
prices of key inputs continued to remain high. Towards, the last quarter of FY
2015, the Company witnessed lowering of energy prices, which was a welcome
relief. The below chart shows the construction growth in the last three years.
OPERATIONS
During the
year, operations continued to remain smooth at plants of Arch SBU. The Company
continued its focus on lean operations and cost optimization through a number
of measures.
OUTLOOK
With signs of
lowering interest rates, the construction sector is expected to pick up
shortly. The best part in this cycle could be the increasing awareness and
shifting preferences of consumers towards high performance value added glass
products and services. This is a welcome shift and SUBJECT is well poised, with
its product portfolio and deeper penetration, to make the most of this shift in
market preferences.
CONSUMER GLASS
The Consumer
Glass SBU focuses on providing end-to end solutions to consumers. For the
automotive solutions,
Windshield
Experts is the only Company in India providing repair and replacement of
windshields and other allied services in the after-market. Subject Distribution
Services Limited (formerly known as Asahi India Map Auto Glass Limited) is
engaged in the after-market distribution of automotive safety glass
manufactured by the Company to dealers and retailers and subject Adhesives
Limited is in the distribution of sealants.
The subsidiary
of AIS, GX Glass Sales and Services Limited, under the brand name of
GlasXperts, provides integrated services for glass selection and installation
for homes, offices and commercial establishments. This initiative is expected
to play a critical role in establishing the brand position of subject with end
customers.
SOLAR GLASS
The Solar Glass
SBU is a recently formed SBU. In the light of limited availability of fossil
fuel and continued thrust of the government towards renewable power generation,
this SBU could open a fairly promising business avenue for subject. However,
the business has taken time to develop as the growth of solar energy on the
ground has been limited and there is stiff competition from imports.
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Long Term
Borrowings |
|
|
|
Foreign Currency Loan from a Related Party |
1841.600 |
1765.000 |
|
Rupee Term Loans from Others |
600.000 |
73.500 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
From Others |
36.400 |
700.000 |
|
|
|
|
|
Total |
2478.000 |
2538.500 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER
2015
(Rs. In Million)
|
Particulars |
3 Months Ended |
3 Months Ended |
Half Year Ended |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
UNAUDITED |
||
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
5499.200 |
5261.300 |
10760.500 |
|
b) Other operating income |
-- |
-- |
-- |
|
Total
income from Operations(net) |
5499.200 |
5261.300 |
10760.500 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
1941.300 |
1778.900 |
3720.200 |
|
b) Purchases of stock in trade |
90.100 |
71.600 |
161.700 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(46.800) |
18.700 |
(28.100) |
|
d) Employees benefit expenses |
465.700 |
439.000 |
904.700 |
|
e) Depreciation and amortization expenses |
264.300 |
261.400 |
525.700 |
|
f) Power and Fuel |
698.600 |
679.600 |
1378.200 |
|
g) Foreign currency exchange / (Gain) |
153.100 |
107.300 |
260.400 |
|
h) Other expenditure |
1238.900 |
1207.500 |
2446.400 |
|
Total expenses |
4805.200 |
4564.000 |
9369.200 |
|
3. Profit from operations before other income and
financial costs |
694.000 |
697.300 |
1391.300 |
|
4. Other income |
9.100 |
9.600 |
18.700 |
|
5. Profit from ordinary activities before finance costs |
703.100 |
706.900 |
1410.000 |
|
6. Finance costs |
360.700 |
372.200 |
732.900 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
342.400 |
334.700 |
677.100 |
|
8. Exchange Currency Fluctuation Loss/ (Gain) |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
342.400 |
334.700 |
677.100 |
|
10.Tax expenses |
(118.400) |
(115.900) |
(234.300) |
|
11.Net Profit / (Loss) from
ordinary activities after tax (9-10) |
224.000 |
218.800 |
442.800 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
224.000 |
218.800 |
442.800 |
|
14.Paid-up equity share capital (Nominal value Re.1/- per share) |
243.100 |
243.100 |
243.100 |
|
15. Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
0.92 |
0.90 |
1.82 |
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
110820930 |
110820930 |
110820930 |
|
- Percentage of shareholding |
45.59 |
45.59 |
45.59 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
10519224 |
11902000 |
10519224 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
7.95 |
9.00 |
7.96 |
|
Percentage of shares (as a % of total share capital of the
company) |
4.33 |
4.90 |
4.33 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
121749777 |
120367001 |
121749777 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
92.05 |
91.00 |
92.05 |
|
Percentage of shares (as a % of total share capital of the
company) |
50.08 |
49.52 |
50.08 |
|
|
|
|
|
|
|
|||
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
|
Receiving during the quarter |
2 |
|
|
|
Disposed of during the quarter |
2 |
|
|
|
Remaining unreserved at the end of the quarter |
0 |
|
|
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR
THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER 2015
(Rs. In Million)
|
Particulars |
3
Months Ended |
3
Months Ended |
Half
Year Ended |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
UNAUDITED |
||
|
1. Segment
Revenue |
|
|
|
|
a)
Automotive Glass |
3495.400 |
3208.200 |
6703.600 |
|
b)
Float Glass |
1935.300 |
2012.400 |
3947.700 |
|
c)
Others |
118.800 |
122.000 |
240.800 |
|
Total segment
revenue |
5549.500 |
5342.600 |
10892.100 |
|
Less: Inter – segment
revenue |
41.200 |
71.700 |
112.900 |
|
Total income
from operations (net sales) |
5508.300 |
5270.900 |
10779.200 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
Profit/ (loss)
before tax and interest |
|
|
|
|
a)
Automotive Glass |
445.900 |
385.400 |
831.300 |
|
b)
Float Glass |
274.500 |
334.400 |
608.900 |
|
c)
Others |
(17.300) |
(12.900) |
(30.200) |
|
Total segment
results |
703.100 |
706.900 |
1410.000 |
|
(Add)/Less:
Finance Costs |
360.700 |
372.200 |
732.900 |
|
Total |
342.400 |
334.700 |
677.100 |
|
|
|
|
|
|
3. Capital
Employed |
|
|
|
|
(Segment Assets
– Segment Liabilities) |
|
|
|
|
a)
Automotive Glass |
6127.100 |
5800.300 |
6127.100 |
|
b)
Float Glass |
9200.600 |
9235.400 |
9200.600 |
|
c)
Others |
(11777.700) |
(11707.100) |
(11777.700) |
|
Total
|
3550.000 |
3328.600 |
3550.000 |
|
|
|
|
|
|
Information
about secondary business segments |
|
|
|
|
Revenue by geographical market |
5436.900 |
5221.000 |
10657.800 |
|
India |
112.600 |
121.600 |
234.300 |
|
Outside India |
554.500 |
5342.600 |
10892.100 |
|
Less: Inter-segment revenue
(Net of excise duty) |
41.200 |
71.700 |
112.900 |
|
|
|
|
|
|
Total
|
5508.300 |
5270.900 |
10779.200 |
NOTES:
1. The above financial results, duly reviewed by the Audit Committee, have been approved by the Board of Directors at its meeting held on 3rd November, 2015.
2. The consolidated results have been prepared in accordance with the Accounting Standards AS-21 "Consolidated Financial Statements" and AS 23 "Accounting for Investments in Associates in Consolidated Financial Statements" issued by the Institute of Chartered Accountants of India.
3. Provision for deferred tax for the quarter has been made in accordance with Accounting Standard AS-22. "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India
4. Previous penned figures have been regrouped, wherever necessary, in order to make them comparable
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10591844 |
21/09/2015 |
300,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
KOTAK AEROCITY, 1ST FLOOR, ASSET AREA 9, IBIS, COMMERCIAL BLOCK, HOSPITALITY DISTRICT, AEROCITY, NEW DELHI, DELHI - 110037, INDIA |
C64641517 |
|
2 |
10591852 |
21/09/2015 |
50,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
KOTAK AEROCITY, 1ST FLOOR, ASSET AREA 9, IBIS, COMMERCIAL BLOCK, HOSPITALITY DISTRICT, AEROCITY, NEW DELHI, DELHI - 110037, INDIA |
C64643349 |
|
3 |
10576745 |
26/06/2015 |
180,000,000.00 |
SBM BANK (MAURITIUS) LTD. |
PRINCE ARCADE, 22 - A, CATHEDRAL ROAD, CHENNAI, TAMIL NADU - 600086, INDIA |
C57215659 |
|
4 |
10583143 |
24/06/2015 |
500,000,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
C59666511 |
|
5 |
10576576 |
08/06/2015 * |
1,000,000,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA- 400051, INDIA |
C57958233 |
|
6 |
10584382 |
17/04/2015 |
500,000,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
C60749256 |
|
7 |
10561365 |
27/02/2015 |
1,000,000,000.00 |
IL&FS TRUST COMPANY LIMITED |
IL&FS
FINANCIAL CENTRE, PLOT C-22,BLOCK G,BANDRA |
C49778368 |
|
8 |
10542230 |
17/04/2015 * |
500,000,000.00 |
YES BANK LIMITED |
NEHRU
CENTRE,9TH FLOOR, DISCOVERY OF INDIA,, DR. |
C56872310 |
|
9 |
10538757 |
24/06/2015 * |
500,000,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
C58078668 |
|
10 |
10586977 |
22/12/2014 |
500,000,000.00 |
YES BANK LIMITED |
NEHRU
CENTRE,9TH FLOOR, DISCOVERY OF INDIA,, DR. |
C62162326 |
|
11 |
10536067 |
14/11/2014 |
200,000,000.00 |
YES BANK LIMITED |
NEHRU
CENTRE,9TH FLOOR, DISCOVERY OF INDIA,, DR. |
C36269363 |
|
12 |
10524618 |
11/09/2015 * |
1,500,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
C66301060 |
|
13 |
10520521 |
08/09/2014 |
240,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
7TH FLOOR, AMBADEEP BUILDING,, 14 K G MARG,, NEW DELHI - 110001, INDIA |
C21106885 |
|
14 |
10514329 |
30/07/2014 |
180,000,000.00 |
STATE BANK OF MAURITIUS |
PRINCE ARCADE, 22 - A, CATHEDRAL ROAD, CHENNAI, TAMIL NADU - 600086, INDIA |
C15681265 |
|
15 |
10486462 |
20/08/2014 * |
600,000,000.00 |
STATE BANK OF MAURITIUS |
PRINCE ARCADE, 22 - A, CATHEDRAL ROAD,, CHENNAI, TAMIL NADU - 600086, INDIA |
C19271709 |
|
16 |
10427753 |
20/05/2013 |
150,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA |
B75790550 |
|
17 |
10427769 |
20/05/2013 |
450,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA |
B75794412 |
|
18 |
10427757 |
26/06/2013 * |
400,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA |
B78102167 |
|
19 |
10387646 |
10/11/2012 |
500,000,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL
& FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA
EAST, MUMBAI, MAHARASHTRA |
B62423637 |
|
20 |
10365862 |
16/07/2012 |
300,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B43761287 |
|
21 |
10359422 |
30/09/2014 * |
1,500,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
C30813778 |
|
22 |
10344509 |
29/03/2012 |
400,000,000.00 |
YES BANK LIMITED |
9TH
FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,,
MUMBAI, MAHARASHTRA - |
B35878164 |
|
23 |
10344513 |
29/03/2012 |
450,000,000.00 |
YES BANK LIMITED |
9TH
FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,,
MUMBAI, MAHARASHTRA - |
B35878339 |
|
24 |
10336671 |
03/02/2012 |
300,000,000.00 |
ICICI BANK LIMITED |
LANDMARK RACECOURSE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B32593261 |
|
25 |
10300514 |
27/07/2011 |
300,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B18175455 |
|
26 |
10293352 |
11/05/2011 |
200,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA |
B15408131 |
|
27 |
10257420 |
28/03/2012 * |
850,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B37114451 |
|
28 |
10258715 |
29/11/2010 |
250,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA |
B01973973 |
|
29 |
10247497 |
28/03/2012 * |
370,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B35877745 |
|
30 |
10233271 |
30/09/2014 * |
250,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
C28274884 |
|
31 |
10229159 |
01/06/2010 |
80,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA |
A89242309 |
|
32 |
10216548 |
09/03/2010 |
150,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA |
A83478776 |
|
33 |
10193953 |
29/01/2011 * |
180,000,000.00 |
STATE BANK OF MAURITIUS |
PRICE
ARCADE, 4TH FLOOR,, 22A, CATHEDRAL ROAD,, C |
B06973135 |
|
34 |
10230594 |
13/11/2009 |
100,000,000.00 |
STATE BANK OF MYSORE |
INDUSTRIAL FINANCE BRANCH,, 23/1, REGAL BUILDING, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
A81223646 |
|
35 |
10185737 |
25/09/2009 |
750,000,000.00 |
STATE BANK OF HYDERABAD |
OVERSEAS BRANCH,1204, ASHOK MAHAL, TULLOCH ROAD, COLABA, MUMBAI, MAHARASHTRA - 400039, INDIA |
A73166167 |
|
36 |
10177303 |
07/08/2009 |
250,000,000.00 |
YES BANK LIMITED |
9TH
FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,,
MUMBAI, MAHARASHTRA - |
A70338538 |
|
37 |
10092678 |
12/03/2008 |
750,000,000.00 |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMI |
BIRLA
HOUSE, 25 BARAKHAMBA ROAD, NEW DELHI, DELHI |
A34507913 |
|
38 |
10053342 |
10/07/2009 * |
457,600,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A66494915 |
|
39 |
10039593 |
20/06/2008 * |
649,200,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A40994519 |
|
40 |
10032142 |
20/12/2006 |
1,125,000,000.00 |
IL&FS TRUST COMPANY LIMITED |
IL&FS FINANCIAL CENTRE, PLOT#C22,BLOCK G,BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA |
A08840621 |
|
41 |
10028736 |
22/02/2012 * |
850,000,000.00 |
STATE BANK OF MYSORE |
INDUSTRIAL FINANCE BRANCH,, 15-17, SHAHEED BHAGAT SINGH MARG, NEW GOLE MARKET,, NEW DELHI, DELHI - 110001, INDIA |
B35060409 |
|
42 |
80016343 |
10/08/2015 * |
750,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
C65555674 |
|
43 |
80003390 |
12/05/2006 * |
450,000,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL
& FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA
EAST, MUMBAI, MAHARASHTRA |
- |
|
44 |
90044510 |
06/11/2009 * |
1,350,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, JAWAHAR VYAPAR BHAWAN,, 11TH & 12TH FLOOR, TOLSTOY MARG,, NEW DELHI, DELHI - 110001, INDIA |
A74664319 |
|
45 |
90042780 |
10/05/2000 |
1,489,070.00 |
FORD INDIA LTD |
MAHINDRA TOWERS; WORLI ROAD NO 13, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
- |
|
46 |
90056908 |
03/08/1998 |
591,995,000.00 |
INDUSTRIES CENTRE |
REWARI, REWARI, HARYANA, INDIA |
- |
|
47 |
90042042 |
02/12/2006 * |
500,000,000.00 |
THE BANK OF TOKYO - MITSUBISHI UFJ LTD. |
JEEVAN VIHAR BUILDING,, 3, PARLIAMENT STREET,, NEW DELHI, DELHI - 110001, INDIA |
- |
|
48 |
80004624 |
10/11/2007 * |
720,000,000.00 |
MIZUHO CORPORATE BANK LTD. |
MAKER CHAMBER III, FIRST FLOOR,, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A28625192 |
|
49 |
90056330 |
03/06/1993 |
5,000,000.00 |
PUNJAB NATIONAL BANK |
REWARI, REWARI, HARYANA, INDIA |
- |
*Date of modification Charges
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 Rs. In Million |
31.03.2014 Rs. In Million |
|
a) Claims against
the Company not acknowledged as Debts |
|
|
|
i) Excise, Custom duty and Service Tax (including excise duty liability of Rs. 31.100 Million (Rs. 31.100 Million) settled by Settlement Commission deleted by Delhi High Court against which SLP of Excise Department has been accepted by Supreme Court of India) |
151.900 |
156.900 |
|
ii) Disputed Income Tax |
0.500 |
1.300 |
|
iii) Disputed Sales Tax Demand |
121.900 |
123.200 |
|
iv) Disputed TDS Demand |
53.900 |
0.000 |
|
b) Guarantees |
|
|
|
i) Bank Guarantees and Letters of Credit outstanding |
356.700 |
517.900 |
|
ii) Corporate Guarantees (including Rs. 20.000 Million (Rs. 74.300 Million) for subsidiaries) to the extent of Limits |
102.500 |
243.800 |
|
c) Other Money for
which the Company is contingently liable |
|
|
|
Channel Financing from Bank |
132.200 |
147.600 |
|
Bill Discounted |
161.900 |
0.000 |
FIXED ASSETS:
·
·
·
Building
·
Plant
and Machinery
·
Electrical
Installation and Fittings
·
Furniture
and Fixtures
·
Miscellaneous
Assets
·
Vehicles
·
Computer
Software
·
License Fee
·
E-Mark
Changes
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 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.66.52 |
|
|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.70.44 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
46 |
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.