MIRA INFORM REPORT
|
Report No. : |
352288 |
|
Report Date : |
03.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHIVALIK BIMETALS CONTROLS LIMITED |
|
|
|
|
Registered
Office : |
16-18, New Electronics Complex, Chambaghat, Distt. Solan-173213 Himachal Pradesh. |
|
Tel. No.: |
91-1792-230578 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
18.06.1984 |
|
|
|
|
Com. Reg. No.: |
06-005862 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.38.403 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27101HP1984PLC005862 |
|
|
|
|
IEC No.: |
0588070076 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AAACS0623C |
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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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|
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Line of Business
: |
Subject is engaged in the business of manufacturing and sales of Thermostatic Bimetal / Trimetal strips, components and other clad materials, EB welded products, Cold Bonded Clad Strips and Parts etc. |
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|
|
|
No. of Employees
: |
265 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1700000 |
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|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Shivalik Bimetal Controls Limited (SBCL) was incorporated in June 1984 by Mr. S S Sandhu and Mr. N S Ghumman for manufacturing thermostatic bimetal/ tri-metal strips. The takes into account on company’s improvement in the financial risk profile of the company as marked by growth in total operating income, improved profitability margins and better overall gearing and debt protection metrics. The rating continue to derive strength on company’s reputed clientele and experienced promoter and management team. This rating are however, constrained by the working capital intensive operations and its susceptibility to foreign exchange fluctuation risk. Trade relations are fair. Business is active. Payments terms are reported to be regular as per commitment. In view of aforesaid, the company can be considered 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
February, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
February, 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 PARTED BY
|
Name : |
Mr. D. S. Sandhu |
|
Designation : |
Director |
|
Contact No.: |
91-9811047467 |
|
Date : |
01.12.2015 |
LOCATIONS
|
Registered Office : |
16-18, New Electronics Complex, Chambaghat, Distt. Solan-173213 Himachal Pradesh, India |
|
Tel. No.: |
91-1792-230578/ 230175/ 230243/ 230567 |
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Fax No.: |
91-1792-230475 |
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E-Mail : |
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Website : |
|
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Head Office : |
H-2, Suneja Chambers, 2nd Floor, Alaknanda Commercial Complex, New Delhi-110019, India |
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Tel. No.: |
91-11-26027174/ 26026362/ 26028175 |
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Fax No.: |
91- 11-26026776/ 26020806 |
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E-Mail : |
|
|
Website: |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. S.S. Sandhu, |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. N.S. Ghumman, |
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Designation : |
Managing Director |
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|
Name : |
Mr. D.J.S. Sandhu, Dy. |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. Rohit Kapur |
|
Designation : |
Director |
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|
|
Name : |
Mr. G.S. Gill, |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. N.J.S. Gill |
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Designation : |
Director |
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|
Name : |
Lt. Gen. Pradeep Khanna |
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Designation : |
Director |
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|
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|
Name : |
Capt. Jitender Singh Mann |
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Designation : |
Director |
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Name : |
Mrs. Harpreet Kaur |
|
Designation : |
Women Director |
KEY EXECUTIVES
|
Name : |
Mr. Mukesh Kumar Verma |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. Ram Pravesh |
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Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
3929000 |
20.46 |
|
|
7953134 |
41.42 |
|
|
11882134 |
61.88 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
11882134 |
61.88 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
1000 |
0.01 |
|
|
1000 |
0.01 |
|
|
|
|
|
|
366637 |
1.91 |
|
|
|
|
|
|
5691876 |
29.64 |
|
|
1120457 |
5.84 |
|
|
139296 |
0.73 |
|
|
54615 |
0.28 |
|
|
83681 |
0.44 |
|
|
1000 |
0.01 |
|
|
7318266 |
38.11 |
|
Total Public shareholding
(B) |
7319266 |
38.12 |
|
Total (A)+(B) |
19201400 |
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) |
19201400 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing and sales of Thermostatic Bimetal / Trimetal strips, components and other clad materials, EB welded products, Cold Bonded Clad Strips and Parts etc. |
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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 : |
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 : |
265 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
Notes: LONG TERM BORROWINGS: (*)Comprise of Term loan which is secured by first charge on Plant & Machinery, both present and future and equitable mortgage of Company’s Factory Leasehold Land and Building, situated at Chambaghat, Solan,(H.P.) and Vehicle loan which is secured by hypothecation of vehicles. SHORT
TERM BORROWINGS: Secured by hypothecation of stocks, movable properties and
Book Debts, both present and future, and equitable mortgage of company’s
Factory Leasehold Land and Building situated at Chambaghat Solan, Himachal
Pradesh. |
|
Statutory Auditors: |
|
|
Name : |
Malik S and Company Chartered Accountants |
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Address : |
1/101, (L G F) Old Rajender Nagar, Sir Ganga Ram Hospital Marg, New Delhi- 110060, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Joint Venture: |
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Associates: |
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Enterprises over which
Key Managerial Personnel are able to exercise significant Influence: |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.2/- each |
Rs.150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19201400 |
Equity Shares |
Rs.2/- each |
Rs.38.403
Million |
|
|
|
|
|
Reconciliation of
Number of Shares
|
Particulars |
As at 31st March 2015 |
|
Shares as at beginning of the year |
19201400 |
|
Shares issued during the year |
- |
|
Shares bought back during the year |
- |
|
Shares as at end of the year |
19201400 |
The Company has only one class of shares referred to as Equity shares having par value of ` 2/-. The holder of
Equity Share is entitled to one vote per share.
In the event of liquidation of the Company, the residual interest in the company’s assets shall be distributed to the
Shareholders in the proportion to the equity shares held.
Shareholders holding
more than 5% shares
|
Particulars |
As at 31st March 2015 |
|
|
|
No. of Shares held |
% of Holding |
|
Mr. N. S. Ghumman |
1465000 |
7.63 |
|
O D Finance and Investment Private Limited |
1536989 |
8.00 |
|
Ultra-Portfolio Management Private Limited |
978590 |
5.10 |
|
TSL Holdings Limited |
2790200 |
14.53 |
|
Angad Estates Private Limited |
1655000 |
8.62 |
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 |
38.403 |
38.403 |
38.403 |
|
(b) Reserves &
Surplus |
570.361 |
523.598 |
488.306 |
|
(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) |
608.764 |
562.001 |
526.709 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
89.891 |
116.491 |
73.576 |
|
(b) Deferred tax
liabilities (Net) |
17.916 |
18.561 |
20.789 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
1.333 |
|
(d) long-term provisions |
1.959 |
1.428 |
2.261 |
|
Total Non-current
Liabilities (3) |
109.766 |
136.480 |
97.959 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
296.889 |
238.324 |
275.989 |
|
(b) Trade payables |
125.930 |
81.586 |
71.160 |
|
(c) Other current
liabilities |
88.964 |
70.704 |
106.603 |
|
(d) Short-term provisions |
40.876 |
45.460 |
34.788 |
|
Total Current Liabilities
(4) |
552.659 |
436.074 |
488.540 |
|
|
|
|
|
|
TOTAL |
1271.189 |
1134.555 |
1113.208 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
346.234 |
199.491 |
211.860 |
|
(ii) Intangible Assets |
1.204 |
1.294 |
0.933 |
|
(iii) Capital
work-in-progress |
36.170 |
178.526 |
152.796 |
|
(iv) Intangible assets
under development |
3.551 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
175.773 |
173.523 |
165.523 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6.340 |
8.157 |
8.843 |
|
(e) Other Non-current
assets |
74.469 |
80.184 |
90.263 |
|
Total Non-Current Assets |
643.741 |
641.175 |
630.218 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1.757 |
1.757 |
1.612 |
|
(b) Inventories |
287.967 |
186.068 |
214.736 |
|
(c) Trade receivables |
240.787 |
217.372 |
184.338 |
|
(d) Cash and cash
equivalents |
3.651 |
3.942 |
3.979 |
|
(e) Short-term loans and
advances |
85.920 |
77.552 |
74.422 |
|
(f) Other current assets |
7.366 |
6.689 |
3.903 |
|
Total Current Assets |
627.448 |
493.380 |
482.990 |
|
|
|
|
|
|
TOTAL |
1271.189 |
1134.555 |
1113.208 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
952.159 |
807.078 |
782.582 |
|
|
Other Income |
4.919 |
(7.601) |
1.294 |
|
|
TOTAL (A) |
957.078 |
799.477 |
783.876 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
577.483 |
489.240 |
469.836 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(19.857) |
(8.592) |
4.017 |
|
|
Employees benefits
expense |
101.799 |
87.064 |
85.664 |
|
|
Exceptional Items |
10.391 |
5.891 |
(5.054) |
|
|
Other expenses |
139.270 |
129.332 |
151.565 |
|
|
TOTAL (B) |
809.086 |
702.935 |
706.028 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
147.992 |
96.542 |
77.848 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
31.984 |
31.704 |
36.095 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
116.008 |
64.838 |
41.753 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
31.705 |
23.498 |
23.385 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
84.303 |
41.340 |
18.368 |
|
|
|
|
|
|
|
Less |
TAX (H) |
34.884 |
6.048 |
6.505 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H)
(I) |
49.419 |
35.292 |
11.863 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (K) |
297.148 |
271.886 |
260.023 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
General Reserve |
10.000 |
10.000 |
0.000 |
|
|
Total (M) |
10.000 |
10.000 |
0.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (J+K+L-M) |
336.567 |
297.178 |
271.886 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
393.745 |
324.816 |
314.297 |
|
|
TOTAL EARNINGS |
393.745 |
324.816 |
314.297 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
540.618 |
351.975 |
300.874 |
|
|
Components and Stores
parts |
1.066 |
0.973 |
1.725 |
|
|
Capital Goods |
3.177 |
1.386 |
3.875 |
|
|
TOTAL IMPORTS |
544.861 |
354.334 |
306.474 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
2.57 |
1.84 |
0.62 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
53.836 |
32.059 |
58.369 |
|
Cash generated from operations |
52.391 |
101.866 |
171.958 |
|
Net Cash flow from operating Activities |
27.405 |
96.058 |
170.678 |
QUARTERLY RESULTS
|
Particulars |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
1St
Quarter |
2nd Quarter |
|
Net Sales |
|
241.330 |
244.030 |
|
Total Expenditure |
|
212.950 |
215.830 |
|
PBIDT (Excl OI) |
|
28.380 |
28.200 |
|
Other Income |
|
2.340 |
0.410 |
|
Operating Profit |
|
30.720 |
28.610 |
|
Interest |
|
11.770 |
10.790 |
|
Exceptional Items |
|
(0.020) |
0.320 |
|
PBDT |
|
18.930 |
18.140 |
|
Depreciation |
|
9.010 |
9.240 |
|
Profit Before Tax |
|
9.920 |
8.900 |
|
Tax |
|
1.690 |
2.810 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
8.230 |
6.090 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
8.230 |
6.090 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.19 |
4.37 |
1.52 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
15.54 |
11.96 |
9.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.99 |
5.28 |
2.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.07 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.72 |
0.69 |
0.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14 |
1.13 |
0.99 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
Market Value |
Rs.23.05/- |
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 |
38.403 |
38.403 |
38.403 |
|
Reserves & Surplus |
488.306 |
523.598 |
570.361 |
|
Net worth |
526.709 |
562.001 |
608.764 |
|
|
|
|
|
|
Long-term borrowings |
73.576 |
116.491 |
89.891 |
|
Short term borrowings |
275.989 |
238.324 |
296.889 |
|
Current maturities of
long-term debts |
58.369 |
32.059 |
53.836 |
|
Total borrowings |
407.934 |
386.874 |
440.616 |
|
Debt/Equity ratio |
0.774 |
0.688 |
0.724 |
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 |
782.582 |
807.078 |
952.159 |
|
|
|
3.130 |
17.976 |
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 |
782.582 |
807.078 |
952.159 |
|
Profit |
11.863 |
35.292 |
49.419 |
|
|
1.52% |
4.37% |
5.19% |
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 |
Yes |
|
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 |
COMPANY’S
PERFORMANCE:
The Company has achieved ‘Sales and other income’ of Rs. 1016.222 Million during the Financial Year 2014-15 as compared to Rs. 855.027 Million of the previous Financial Year 2013-14, thereby showing a growth of 18.85%. The total exceptional items - expenses of the Company during the Financial Year 2014-15 is Rs.10.391 Million as compared to Rs. 5.891 Million of the previous Financial Year.
Profit before exceptional and extraordinary items and tax for the F Y 2014-15 is Rs. 94.694 Million against Rs. 47.231 Million of previous year. After making a provision for doubtful debts of Rs. 9.940 Million during FY 2014-15, the company has reported a net profit of Rs. 49.419 Million against Rs. 35.292 Million of previous year. The profit during FY 2014-15 has increased by 40% over the previous year.
ECONOMY AND INDUSTRY
OVERVIEW:
The Indian Economy has turned around dramatically with the real GDP growth rate of 7.4%, making India the fastest growing large economy in the world. The growth in the next financial year is expected to be between 8 to
8.5% and aiming for a double digit rate seems feasible very soon. Despite a stagnant industry and constrained demand environment, optimism about the mid and long-term growth prospects, remains. Global sentiment towards the Indian market has seen substantial improvement following the reforms initiated by the Indian government. Recent government measures aimed at structural reforms in the Indian economy are in the right direction. Further, with inflation and other financial indicators such as monitoring of fiscal deficit and current account deficit, there are positive signs of higher growth numbers in the year ahead. Positive policies and lower global prices of various commodities have contributed to the marked decline in inflation and the comfortable external position in the country. Given the increased government focus and policy initiatives to boost the infrastructure and construction segments, the growth rate is expected to pick up, moving forward. Overall, the Indian economy is expected to further strengthen through higher infrastructure spending, increased fiscal devolution to states and continued reforms in financial and monetary policy. The industrial segment, in particular, is likely to see a demand uptick, to trigger an all-round impact which could lead to greater revival in the sluggish consumer sentiment. With the growth of infrastructure and construction segments, the bimetal business in India is poised for a good growth. Opportunities and Threats Additional capacities and the commitment to have zero defect quality products have provided substantial growth opportunities to the company in the global bimetal market. The company has been closely working with various MNC’s for the development of various products which will grow the company at a faster rate. Capability to produce disc grade bimetal is another weapon in the archery of the company. All out efforts for automation of the existing capabilities are being made to navigate through the changing technology and customer expectations. The companies into export and import business do face a risk of loss due to exchange fluctuations in foreign currency. To mitigate this loss, the company has made a forex policy which is reviewed periodically more particularly w.r.t Natural hedging, increasing exports, need-based hedging of exposed portions. Other business threats are being handled as per the risk management policies of the company. Biggest challenge the company faces is stiff competition across the global markets.
FUTURE OUTLOOK:
The Directors are optimistic that with additional capacities and capabilities, the company can be a leader in global bimetal market. The company is continuously taking various steps to face the challenging environment and customer expectations which are as under:
• Achieving customer satisfaction by providing zero defect quality product and services;
• Automation of existing capabilities;
• To provide safe working environment to workers;
• Skill Development; Continuous efforts for cost reductions and optimal utilization of available resources of the company;
• Effective management of foreign exchange policy;
• In-house R andD facility for the purpose of product improvement and Development, product diversification, to
explore new avenues for its product applications and new product development using same technology;
• To become a leader in global bimetal market.
Financial Performance
Equity Share Capital: The Equity Share Capital of the Company as on 31st March, 2015 stood at Rs.38.403 Million. There was no fresh issue of capital during the year. Finance Cost: Finance Cost for the financial year 2014-15 is Rs.31.984 Million as compared to Rs.31.704 Million in the previous year, as such there is an increase by 0.87 % in the current financial year. Turnover: The Company’s sales and other income has increased from Rs.855.027 Million to Rs.1016.222 Million, an increase of 18.85% over the previous year. Net Profit: Net profit available for appropriation for the year 2014-15 stood at Rs.49.419 Million as compared to Rs.35.292 Million in the previous year.
Earnings Per Share (EPS) : The Company’s Earnings Per Share (EPS) during the current year is Rs.2.57 (Rs.1.84 in the previous year).
COMPANY’S OVERVIEW:
Subject referred to as “Shivalik” is a widely-held public limited Company which was incorporated in the year 1984 and has been in commercial production since October 1986. “Shivalik’s ” manufacturing Units are located at Chambaghat, Solan, in the state of Himachal Pradesh, India. The Company’s shares are listed on Bombay Stock Exchange. “Shivalik” is engaged in the business of manufacturing and sales of Thermostatic Bimetal / Trimetal strips, components and other clad materials, EB welded products, Cold Bonded Clad Strips and Parts etc., the application of “Shivalik”s Products are mainly in Switchgears, Circuit Breakers and various other Electrical and Electronic devices. The Company’s products are exported to over 40 Countries around the world.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2015
(Rs. In Million)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.06.2015 |
|
|
|
|
|
|
1. Income
from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
241.511 |
238.237 |
479.748 |
|
b) Other operating income |
2.515 |
3.096 |
5.611 |
|
Total
income from Operations(net) |
244.026 |
241.333 |
485.359 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
148.560 |
152.428 |
300.988 |
|
b) Purchases of stock in trade |
-- |
-- |
-- |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(1.484) |
(4.295) |
(5.779) |
|
d) Employees benefit expenses |
28.103 |
26.428 |
54.531 |
|
e) Depreciation and amortization expenses |
9.242 |
9.014 |
18.256 |
|
f) Other expenditure |
4.249 |
38.386 |
78.635 |
|
Total expenses |
225.067 |
219.892 |
444.959 |
|
3. Profit from operations before other income and
financial costs |
18.959 |
21.441 |
40.400 |
|
4. Other income |
0.413 |
0.271 |
0.681 |
|
5. Profit from ordinary activities before finance costs |
19.372 |
21.712 |
41.084 |
|
6. Finance costs |
10.785 |
11.773 |
22.558 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
8.587 |
93.939 |
18.526 |
|
8. Exceptional item |
(0.317) |
0.020 |
(0.297) |
|
9. Profit from ordinary
activities before tax Expense: |
8.904 |
9.919 |
18.823 |
|
10.Tax expenses |
2.812 |
1.688 |
4.500 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
6.092 |
8.231 |
14.323 |
|
12.Extraordinary Items (net
of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the
period (11 -12) |
6.092 |
8.231 |
14.323 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
38.403 |
38.403 |
38.403 |
|
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 |
0.32 |
0.43 |
0.75 |
|
(b) Diluted |
0.32 |
0.43 |
0.75 |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Six Months Ended ( Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.06.2015 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
7319266 |
7319266 |
7319266 |
|
- Percentage of shareholding |
38.12 |
38.12 |
38.12 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total share capital of the
company) |
NIL |
NIL |
NIL |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
11882134 |
11882134 |
11882134 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100 |
100 |
100 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
61.88 |
61.88 |
61.88 |
|
|
|
|
|
|
B.
Investor Complaints |
Quarter Months Ended |
|
|
|
|
30.09.2015 |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Receiving during the quarter |
Nil |
|
|
|
Disposed of during the quarter |
Nil |
|
|
|
Remaining unreserved at the end of the quarter |
Nil |
|
|
1. The above results were
reviewed by the audit committee in its meeting held on 2nd November, 2015 and
taken on record by the Board of Directors of the company at the meeting held on
4th November, 20l5.
2. The limited review for the quarter and half year ended 30th September, 20I5
has been carried out by the Statutory Auditors of the Company.
3. Exceptional Items pertain to gain on sale of fixed assets during the period.
4. Finance costs include adjustment for exchange differences arising from
foreign currency borrowings to the extent that they are regarded as an
allocation to interest cost amounting to Rs.4.989 million in the quarter ended
Sept 30, 2015 and Rs. 8.938 million in the half year ended Sept 30,2015 in line
with AS-16 "Borrowing Costs'
STATEMENT
OF ASSETS AND LIABILITIES
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
( Unaudited) |
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
38.403 |
|
(b) Reserves & Surplus |
584.684 |
|
(c) Money received against share
warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
623.087 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
62.127 |
|
(b) Deferred tax liabilities
(Net) |
17.916 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
2.378 |
|
Total
Non-current Liabilities (3) |
82.421 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
251.213 |
|
(b) Trade payables |
104.243 |
|
(c) Other current liabilities |
98.233 |
|
(d) Short-term provisions |
45.501 |
|
Total
Current Liabilities (4) |
499.190 |
|
|
|
|
TOTAL |
1204.698 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
341.012 |
|
(ii) Intangible Assets |
1.115 |
|
(iii) Capital work-in-progress |
37.379 |
|
(iv) Intangible assets under
development |
3.682 |
|
(b) Non-current Investments |
175.773 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
6.526 |
|
(e) Other Non-current assets |
73.845 |
|
Total
Non-Current Assets |
639.332 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
1.757 |
|
(b) Inventories |
236.903 |
|
(c) Trade receivables |
237.988 |
|
(d) Cash and cash equivalents |
2.423 |
|
(e) Short-term loans and
advances |
81.151 |
|
(f) Other current assets |
5.144 |
|
Total
Current Assets |
565.366 |
|
|
|
|
TOTAL |
1204.698 |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWINGS |
|
|
|
Loan From Others |
43.858 |
56.800 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loan From Others |
0.000 |
2.775 |
|
Total |
43.858 |
59.575 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10589023 |
18/08/2015 |
607,500.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C63164834 |
|
2 |
10565872 |
17/03/2015 |
247,500.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C51862951 |
|
3 |
10566865 |
23/02/2015 |
555,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C52342748 |
|
4 |
10552297 |
21/01/2015 |
6,800,000.00 |
INDIAN BANK |
47 - 48, PRAGATI HOUSE, NEHRU PLACE, NEW DELHI, |
C45176971 |
|
5 |
10558899 |
27/11/2014 |
1,350,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C48846752 |
|
6 |
10567267 |
13/10/2014 |
889,045.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C52526860 |
|
7 |
10565870 |
24/09/2014 |
1,813,600.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C51862621 |
|
8 |
10558902 |
20/08/2014 |
468,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C48845762 |
|
9 |
10587527 |
24/06/2014 |
1,036,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C52445533 |
|
10 |
10587530 |
12/05/2014 |
2,510,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C52446366 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Guarantees |
|
|
|
Bank Guarantee(s) submitted |
25.213 |
19.978 |
|
Letters of Credit established by the bank |
-- |
5.524 |
|
Corporate Guarantee(s) on behalf of JV/ Associate Company |
74.600 |
53.800 |
|
Surety with Sales Tax Department |
0.500 |
0.500 |
|
|
|
|
|
Other Money for
which the Company is Contingently Liable |
|
|
|
Buyers Credit Interest payable |
0.418 |
0.411 |
|
Interest on Customs/Excise Duty for surrender of import benefit on unrealised export proceeds |
-- |
3.804 |
|
Customs duty on Material imported against Advance License /EPCG Scheme, for pending export obligation |
8.685 |
52.808 |
|
Bills Discounted |
-- |
10.862 |
FIXED ASSETS
Tangible Assets
- Leasehold Land
- Land and Site Development
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipment
Intangible Assets
- Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.62 |
|
UK Pound |
1 |
Rs.100.34 |
|
Euro |
1 |
Rs.70.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
GEET |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
50 |
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.