MIRA INFORM REPORT

 

 

Report No. :

353278

Report Date :

05.12.2015

 

IDENTIFICATION DETAILS

 

Name :

ASTRAL POLY TECHNIK LIMITED (w.e.f. 29.09.2006)

 

 

Formerly Known As :

ASTRAL POLY TECHNIK PRIVATE LIMITED

 

 

Registered Office :

"Astral House", 207/1, B/H Rajpath Club, Off S.G. Highway, Ahmedabad- 380059, Gujarat

Tel. No.:

91-79-66212000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

25.03.1996

 

 

Com. Reg. No.:

04-029134

 

 

Capital Investment / Paid-up Capital :

Rs. 118.365 Million

 

 

CIN No.:

[Company Identification No.]

L25200GJ1996PLC029134

 

 

IEC No.:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACA9566C

AABCA2951N

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject is engaged in the business of manufacturing of PVC/CPVC Pipes and fittings. (Registered Activity)

 

 

No. of Employees :

769 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (63)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 1996 having good track.

 

Turnover and profit of the company has slightly declined during FY 2015. However, the company has able to maintain a fair profit margin at 5% approximately.

 

Further, the rating also takes into consideration company’s strong networth base and decent liquidity position of the company. 

 

Share price are quoted high on stock exchange (Face Value Re.1 with Share Price Rs.405)

 

Trade relations are reported as fair. Business is active. Payments terms are reported as regular and as per commitment.

 

In view of the aforesaid, 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.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long term rating : A+

Rating Explanation

Adequate degree of safety and carry low credit risk.

Date

05.02.2015

 

Rating Agency Name

CRISIL

Rating

Short term rating A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

05.02.2015

 

 

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 DECLINED

 

Management non-cooperative (91-79-66212000)

 

 

LOCATIONS

 

Registered Office/ Corporate Office :

"Astral House", 207/1, B/H Rajpath Club, Off S.G. Highway, Ahmedabad- 380059, Gujarat, India

Tel. No.:

91-79-66212000

Fax No.:

91-79-66212121

E-Mail :

co@astralpipes.com

info@astralcpvc.com

Website :

www.astralpipes.com

 

 

Factory 1 :

Plot No.1253 and 1264, Village: Santej, Taluka: Kalol, District Gandhinagar, Gujarat, India

 

 

Factory 2 :

Survey No.149/1, Dholka-Kheda Road, Rampur, Dholka, Ahmedabad, Gujarat, India

 

 

Factory 3 :

Khasra No. 67-72, Village: Bated, P.O. Barotiwala, District Solan, Tehsil: Kasauli, Himachal Pradesh, India

 

 

Factory 4 :

Perandaplli Post, Village-Alur, District-Krishnagiri, Hosur, Tamilnadu, India

 

 

Branch Office 1 :

C 722, Atrium, 215, Andheri - Kurla Road, Andheri (East), Mumbai-400059, Maharashtra, India

Tel No.:

91-22-28389744

Fax No.:

91-22-28389755

 

 

Branch Office 2 :

K K Market, Office No. 55, 2nd Floor, B Wing, Pune Satara Road, Pune- 411043, Maharashtra, India

Tel No.:

91-20-65214455

E-Mail :

pune@astralpipes.com

 

 

Branch Office 3 :

Diamond Tower, 406, 4th Floor, Plot No.- 51/105, 52 and 53, In scheme-Neel Kanth Colony, Purani Chungi, Ajmer Road, Jaipur-302021, Rajasthan, India 

Tel No.:

141-297 4322

 

 

Branch Office 4 :

201, Ansal Chambers – II, 6, Bikaji Cama Place, New Delhi – 110 066, India

Tel No.:

91-11-26168156 / 2616 9461

 

 

Branch Office 5 :

D 52, Upper Ground Floor, Vibhuti Khand, Gomti Nagar, Lucknow - 226 010, Uttar Pradesh, India

Tel No.:

91-76079-00203

 

 

Branch Office 6 :

Plot No. 67, 1st Floor, Paigah Colony, B/h Anand Theatre, SP Road, Secunderabad - 500 003, Telangana, India 

Tel No.:

91-40-27900023

Fax No.:

91-40-27900023

 

 

Branch Office 7 :

No.102, 1st Floor, Bull Temple Road, Next To Ram Krishna Ashram, Bengalore-560019, Karnataka, India

Tel No.:

91-80-26617236

E-Mail :

bengaluru@astralpipes.com

 

 

Branch Office 8 :

"Natraj Palace", No.54 (22), Saravanan Street, T. Nagar, Chennai - 600 017, Tamilnadu, India

Tel No.:

91-44-43506384

Fax No.:

91-44-43506384

 

 

Branch Office 8 :

33/2883B - Ross Bethel Appartment 2nd and 3rd Floor, Opposite ST George Church Near Byepass, Chakkaraparambu Kochi – 682032, Kerala, India

Tel No.:

484 3328156

 

 

DIRECTORS

 

As on 31.03.2015

 

Name :

Mr. Sandeep P. Engineer

Designation :

Managing Director

Address :

22 Rambaug FP No712 Survey No713/3 Near Springvalley, B/H Karnavati Club Mohmadpura Road, SG Highway, Ahmedabad-380058, Gujarat, India

Date of Birth/Age :

54 Years

Qualification :

B.E. (Chemical)

Experience :

31 Years

Date of Appointment :

25.03.1996

DIN No.:

00067112

 

 

Name :

Mr. Katapadi Raghunath Shenoy

Designation :

Director

Address :

Nalanda 1st Cross Road, Chilimbi Hills, Manglore-575006, Karnataka, India

Date of Appointment :

23.09.2006

DIN No.:

00801985

 

 

Name :

Mrs. Jagruti S. Engineer

Designation :

Whole Time Director

Address :

22 Rambaug, S. No 713/3 B/H Karnavati Club, SG Highway, Makarpura, Ahmedabad-380058, Gujarat, India

Date of Birth/Age :

15.07.1965

Date of Appointment :

25.03.1996

DIN No.:

00067276

 

 

Name :

Mr. Kyle A.Thompson

Designation :

Non-Executive Director

Address :

102, Season Lane, Ne, Huntsville, Al, 35811, United States of America

Date of Appointment :

01.12.1997

DIN No.:

00254002

 

 

Name :

Mr. Anil Kumar Jani

Designation :

Non-Executive Director

Address :

40/B Yogeshwarnagar Society, Bhaththa, Paldi, Ahmedabad-380007, Gujarat, India

Date of Appointment :

28.01.2015

DIN No.:

07078868

 

 

Name :

Mr. Pradip Natvarlal Desai

Designation :

Independent Director

Address :

434//5 Suwas Bunglow, Law Garden Road Ellisbridge, Ahmedabad-380006, Gujarat, India

Date of Appointment :

23.09.2006

DIN No.:

00336937

 

 

Name :

Mr. Narasinh K. Balgi

Designation :

Independent Director

Address :

B-401, Sumadhur-II, Near Azad Society, Ambawadi, Ahmedabad-380015, Gujarat, India

Date of Appointment :

28.01.2015

DIN No.:

00163468

 

 

KEY EXECUTIVES

 

Name :

Mr. Hiranand Asandas Savlani

Designation :

Chief Finance Officer

Address :

56, Sangini Bunglows, Near Avsar Party Plot, Thaltej, Ahmedabad-380059, Gujarat, India

Date of Appointment :

18.07.2014

PAN No.:

AEQPS9225K

 

 

Name :

Mr. Krunal Devendrakumar Bhatt

Designation :

Secretary

Address :

J-7, Komal Enclave, Pt Collage Road, Near Shantivan Cross Road, Paldi, Ahmedabad-380007, Gujarat, India

Date of Appointment :

02.02.2015

PAN No.:

AHVPB4783F

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2015

 

Category of Shareholder

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

39485280

33.36

http://www.bseindia.com/include/images/clear.gifBodies Corporate

23624810

19.96

http://www.bseindia.com/include/images/clear.gifSub Total

63110090

53.32

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

7955770

6.72

http://www.bseindia.com/include/images/clear.gifSub Total

7955770

6.72

Total shareholding of Promoter and Promoter Group (A)

71065860

60.04

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

6553975

5.54

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

5995

0.01

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

14086959

11.90

http://www.bseindia.com/include/images/clear.gifSub Total

20646929

17.44

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

2585554

2.18

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

10366210

8.76

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

4067984

3.44

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

9632542

8.14

http://www.bseindia.com/include/images/clear.gifClearing Members

59710

0.05

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

1643095

1.39

http://www.bseindia.com/include/images/clear.gifOverseas Corporate Bodies

7929237

6.70

http://www.bseindia.com/include/images/clear.gifEscrow Account

500

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

26652290

22.52

Total Public shareholding (B)

47299219

39.96

Total (A)+(B)

118365079

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

118365079

100.00

 

 

Shareholding belonging to the category "Promoter and Promoter Group"

 

S. No.

Name Of The Shareholder

Details of Shares Held

No. Of Shares Held

As A % Of Grand Total

1

Sandeep Pravinbhai Engineer

2,36,71,410

20.00

2

Saumya Polymers LLP

1,57,58,170

13.31

3

Specialty Process LLC

79,55,770

6.72

4

Jagruti Sandeep Engineer

91,43,410

7.72

5

Hansa Pravinbhai Engineer

66,70,460

5.64

6

Saumya Polymers LLP

55,06,380

4.65

7

Kairav Chemicals Ltd

23,60,260

1.99

 

Total

7,10,65,860

60.04

 

 

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

 

Sl. No.

Name of the Shareholder

No. of Shares held

Shares as % of Total No. of Shares

1

Steadview Capital Mauritius Limited

4393124

3.71

2

ABG Capital

3648823

3.08

3

DF International Partners

3405800

2.88

4

LTR Focus Fund

2679524

2.26

5

Tree Line Asia Master Fund (Singapore) Private Limited

2630000

2.22

6

Axis Mutual Fund Trustee Limited A/c Axis Mutual Fund A/c Axis Long Term Equity Fund

1540342

1.30

7

Miten Mehta

1200000

1.01

 

Total

19497613

16.47

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of manufacturing of PVC/CPVC Pipes and fittings. (Registered Activity)

 

 

Products :

PVC/CPVC Pipes

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour

Market Goodwill

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality

Delivery Behaviour

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

769 (Approximately)

 

 

Bankers :

·         Standard Chartered Bank

·         HDFC Bank Limited

·         IndusInd Bank

·         Corporation Bank, Corporate Banking Branch, 1st Floor Rangoli Complex, Opposite V S Hospital, Ahmedabad- 380006, Gujarat, India

·         IDBI Bank Limited, IDBI Complex, Opposite Muncipal Staff Quarters,, Near Lal Bunglow, Off C. G. Road, Ahmedabad- 380006, Gujarat, India

·         The Hongkong and Shanghai Banking Corporation Limited, Office No 35-47 Mardla Plaza, Upper Level CG Road, Ahmedabad- 380006, Gujarat, India

·         HSBC Bank (Mauritius) Limited, 6th Floor, HSBC Centre, 18 Cyber City, Ebene, Mauritius, Cyber City, - 72201, Mauritius

 

 

Facilities :

Secured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Term Loans From Banks

 

 

In Rupee

461.306

200.566

In Foreign Currency

1104.043

845.244

Less : Current Maturity of Long Term Loans

(458.694)

(317.942)

Buyers Credit

37.459

155.721

Less: Current Maturity of Long Term Buyers Credits

(29.492)

(101.539)

 

 

 

Vehicle Loans

5.920

8.327

Less : Current Maturity of Vehicle Loans

(2.938)

(4.750)

Short-term borrowings

 

 

Working Capital / Short Term Loan From Banks

0.000

95.000

Total

1117.604

880.627

Notes :

 

Long-term Borrowings

a) Term Loans are Secured by way of ­ first charge, in respect of Fixed assets, both present and future, and second charge on entire current assets of the Company both present and future and also further secured by personal guarantees of Director.

 

i) Corporation Bank Term Loan of Rs.529.738 Million (Previous Year: Rs. 392.650 Million) repayable within 72 months (i.e. by December 2018) including initial moratorium period of twelve months from the date of ­ first disbursement in twenty quarterly equal instalments.

 

ii) HDFC Bank ECB Loan of Rs.185.000 Million (Previous Year: Rs. 270.703 Million) repayable within 66 months (i.e. by December 2016) including initial moratorium period of twelve months from the date of ­ first disbursement in eighteen quarterly instalments.

 

iii) Standard Chartered Bank ECB Loan of Rs. 49.219 Million (Previous Year: Rs.94.327 Million) repayable within 60 months (i.e. by March 2016) including initial moratorium period of twelve months from the date of ­ rst disbursement in nine half yearly instalments.

 

iv) IndusInd Bank Term Loan of Rs. 240.468 Million (Previous Year : Rs. 288.130 Million) repayable within 60 months (i.e. by June 2018) including initial moratorium period of Twelve months from the date of ­ first disbursement in sixteen quarterly instalments.

 

v) HSBC ECB Loan of Rs. 560.924 Million (Previous Year: Nil) repayable within 60 months (i.e. by August 2019) including initial moratorium period of twelve months from the date of ­ first disbursement in sixteen quarterly instalments.

 

b) Buyers Credit

i) HDFC Bank Limited Buyers Credit of `Nil (Previous Year: Rs. 17.693 Million). Secured by way of ­ first charge, in respect of Fixed assets, both present and future, and second charge on entire current assets of the Company both present future and also further secured by personal guarantees of Director.

 

ii) Corporation Bank Buyers Credit of Rs. 11.859 Million (Previous Year: Rs.14.535 Million) Repayable by March 2016. Secured by way of ­ first charge, in respect of entire current assets of the Company both present future and further secured by personal guarantees of Director.

 

iii) IDBI Bank Limited Buyers Credit of Rs. 25.600 Million (Previous Year: Rs. 123.493 Million) Repayable by November 2016. Secured by way of ­first charge, in respect of entire current assets of the Company both present future and further secured by personal guarantees of Director.

 

c) Vehicle Loans are Secured by way of hypothecation of respective motor vehicles purchased.

 

i) Kotak Mahindra Prime Limited Vehicle Loan of Nil (Previous Year: Rs. 2.001 Million).

 

ii) Axis Bank Limited Vehicle Loan of Rs. 2.343 Million (Previous Year: Rs.0.112 Million) repayable on monthly basis. Repayable by Sept 2017.

 

iii) ICICI Bank Limited Vehicle Loan of Rs. 2.834 Million (Previous Year: Rs. 5.325 Million) repayable on monthly basis. Repayable by October 2016. iv) Corporation Bank Vehicle Loan of Rs. 0.743 Million (Previous Year: Rs.0.889 Million) repayable on monthly basis. Repayable by February 2019.

 

Short-term borrowings

Note : Working Capital Loans outstanding as at previous year end are Secured by way of ­ first charge on entire current assets of the Company both present and future and second charge in respect of Fixed assets both present and future and also further Secured by personal guarantees of Director.

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

‘Heritage’, 3rd Floor, Near Gujarat Vidhyapith, O‑ Ashram Road, Ahmedabad-380014, Gujarat, India

Tel No.:

91-79-27582542/27582543/66073100

Fax No.:

91-79-27582551

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiaries :
  • Astral Biochem Private Limited
  • Advanced Adhesives Limited
  • Seal IT Services Limited
  • Resinova Chemie Limited

 

 

Joint Venture :
  • Astral Pipes Limited

 

 

Enterprises over which Key Managerial Personnel are able to exercise signi­ficant influence :
  • Kairav Chemicals Limited
  • Saumya Polymers LLP
  • Indogreen Plastic Technologies
  • Astral Charitable Trust

 

 

CAPITAL STRUCTURE

 

As on 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

150000000

Equity Shares

Re.1/- each

Rs. 150.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

118365079

Equity Shares

Re.1/- each

Rs. 118.365 Million

 

 

 

 

 

 

a) Rights, preferences and restrictions attached to shares:

 

The Company has issued only one class of equity shares having per value of Re.1 per Share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.

 

 

b) Reconciliation of number of shares outstanding :

 

Name of Shareholders

31.03.2015

No. of Shares

% of Shares Held

As at beginning of the year

5,61,90,280

112.381

Add: Subdivision of Equity Shares of Rs. 2 each into face value of Rs. 1 each (Previous Year: Subdivision of Equity Shares of Rs. 5 each in to face value of Rs. 2 each)

5,61,90,280

--

Add: Shares issued - pursuant to Quali­ed Institutional Placement (QIP)

59,84,519

5.984

As at end of the year

11,83,65,079

118.365

 

 

c) The details of shareholders holding more than 5% shares as at March 31, 2015 and March 31, 2014 is set out below :

 

Name of Shareholders

31.03.2015

No. of Shares

% of Shares Held

Sandeep Pravinbhai Engineer

2,36,71,410

20.00

Saumya Polymers LLP

2,12,64,550

17.97

Jagruti Sandeep Engineer

91,43,410

7.72

Specialty Process LLC

79,55,770

6.72

HSBC Bank (Mauritius) Limited A/C. Jwalmukhi Investment Holdings

66,92,284

5.65

Hansa Pravinbhai Engineer

66,70,460

5.64

 

During the year ended March 31, 2015, the Company has subdivided Equity Shares having face value of Rs.2/- each into face value of Re.1/- each (Previous Year: Subdivision of Equity Shares of Rs. 5 each in to face value of Rs.2 each). Consequently, the number of shares as at March 31, 2015 is not comparable with the same as at March 31, 2014.

 

 

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

118.365

112.381

112.381

(b) Reserves & Surplus

6012.103

3035.394

2306.074

(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)

6130.468

3147.775

2418.455

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1117.604

785.627

630.589

(b) Deferred tax liabilities (Net)

179.303

130.613

87.591

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

2.082

1.012

0.000

Total Non-current Liabilities (3)

1298.989

917.252

718.180

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

155.000

0.000

(b) Trade payables

2324.511

1808.549

1681.787

(c) Other current liabilities

692.594

743.174

493.296

(d) Short-term provisions

70.591

63.635

75.348

Total Current Liabilities (4)

3087.696

2770.358

2250.431

 

 

 

 

TOTAL

10517.153

6835.385

5387.066

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2846.110

2776.391

2055.016

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

214.235

28.533

112.937

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

2714.798

106.695

19.170

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

176.328

153.546

128.549

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

5951.471

3065.165

2315.672

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

2046.132

1892.309

1481.175

(c) Trade receivables

1888.196

1424.838

1046.882

(d) Cash and cash equivalents

70.930

10.544

114.042

(e) Short-term loans and advances

543.407

438.394

425.277

(f) Other current assets

17.017

4.135

4.018

Total Current Assets

4565.682

3770.220

3071.394

 

 

 

 

TOTAL

10517.153

6835.385

5387.066

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Income

12521.079

10727.998

8209.213

 

 

Other Income

30.430

24.855

20.105

 

 

TOTAL                                     (A)

12551.509

10752.853

8229.318

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

8948.838

7427.582

5576.779

 

 

Purchases of Stock-in-Trade

696.838

625.040

462.852

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(283.311)

(318.551)

(218.984)

 

 

Employees benefits expense

281.771

234.794

200.165

 

 

Other expenses

1377.188

1252.109

1072.036

 

 

TOTAL                                     (B)

11021.324

9220.974

7092.848

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

1530.185

1531.879

1136.470

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

233.969

304.827

180.664

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

1296.216

1227.052

955.806

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

330.143

213.285

176.660

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

966.073

1013.767

779.146

 

 

 

 

 

Less

TAX (H)

277.624

241.716

183.942

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

688.449

772.051

595.204

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

2370.707

1743.887

1241.466

 

 

 

 

 

Less

Depreciation on transition to Schedule II of the Companies Act, 2013 on
tangible   fixed assets with nil remaining useful life (Net of deferred tax Rs. 6.299 Million 

12.234

0.000

0.000

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

0.000

102.500

60.000

 

 

Interim Dividend

16.857

14.048

11.238

 

 

Proposed Final Dividend

26.632

22.476

16.857

 

 

Dividend Distribution Tax

8.693

6.207

4.688

 

BALANCE CARRIED TO THE B/S

2994.740

2370.707

1743.887

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

F.O.B. Value of Exports

174.298

191.372

75.406

 

TOTAL EARNINGS

174.298

191.372

75.406

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

4010.153

3621.485

2682.842

 

 

Capital Goods

27.862

22.687

41.760

 

TOTAL IMPORTS

4038.015

3644.172

2724.602

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

6.03

6.87

10.59

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

491.124

424.231

264.049

Cash generated from operations

1434.248

903.076

772.728

Net cash flows from (used in) operation

1169.778

674.258

688.427

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

30.06.2015

30.09.2015

Type

 

1st Quarter

2nd Quarter

Net Sales

 

2930.510

3228.870

Total Expenditure

 

2535.520

2804.570

PBIDT (Excl OI)

 

394.990

424.300

Other Income

 

4.480

3.630

Operating Profit

 

399.470

427.930

Interest

 

27.770

27.720

Exceptional Items

 

(21.820)

(57.660)

PBDT

 

349.880

342.550

Depreciation

 

82.440

86.080

Profit Before Tax

 

267.440

256.470

Tax

 

95.920

89.670

Provisions and contingencies

 

0.000

0.000

Profit After Tax

 

171.520

166.800

Extraordinary Items

 

0.000

0.000

Prior Period Expenses

 

0.000

0.000

Other Adjustments

 

0.000

0.000

Net Profit

 

171.520

166.800

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

5.50

7.20

7.25

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

12.22

14.28

13.84

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

12.73

15.13

14.83

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.16

0.32

0.32

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.26

0.43

0.37

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.48

1.36

1.36

 

 

STOCK PRICES

 

Face Value

Re.1.00

Market Value

Rs.405.00

 

 

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

112.381

112.381

118.365

Reserves & Surplus

2306.074

3035.394

6012.103

Net worth

2418.455

3147.775

6130.468

 

 

 

 

long-term borrowings

630.589

785.627

1117.604

Short term borrowings

0.000

155.000

0.000

Current maturities of long-term debts

264.049

424.231

491.124

Total borrowings

894.638

1364.858

1608.728

Debt/Equity ratio

0.370

0.434

0.262

 

 

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

8209.213

10727.998

12521.079

 

 

30.682

16.714

 

 

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

8209.213

10727.998

12521.079

Profit

595.204

772.051

688.449

 

7.25%

7.20%

5.50%

 

 

 

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

 

GENERAL INFORMATION

 

Nature of Industry:

 

The Company is engaged in the business of manufacturing of PVC/CPVC Pipes and fittings.

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

Industry Structure and Developments (Pipes):

 

Piping Industry in India has been growing at CAGR of 15% plus since last many years barring the last year when the growth was low due to poor economic conditions. In spite of that The Company has done quite well by delivering 20% volume growth, highest in the Industry

 

Looking to the announcements made by the new Government regarding the housing and construction sectors and the different new products launched by Astral during the last 3 years, They are sure that the coming years will offer good growth prospects for Their industry in general and for Astral in particular. Plastic Piping Industry in India has a market size of appx. Rs.215000.000 Million and Metal Industry is about Rs.60000.000 Million. Since replacement of metal by plastic has been taking place rapidly, Plastic Industry is expected to grow at an accelerated pace in the coming years. Further analysis shows that the Plumbing Industry is largely dominated by organized players accounting for 65% of the market. The Company has a signi­ficant volume of its sales from the Plumbing segment.

 

There are many positive factors which are going to drive the growth of Piping Industry in the coming years. Important among them are:

 

  • Implementation of GST from 2016 will support the organized sector.
  • Replacement of metal by plastic.
  • With the growth in the demand for quality construction, builders are increasingly moving towards the branded pipes (Pricing gap between branded and unbranded pipes is very low).
  • Demand from Tier I/II cities and rural segment is expected to pickup as no big unsold inventory of houses is left in these areas as compared to metros, if the rainfall will be in order.
  • Low cost housing is picking up as the Govt. is supporting the concept.
  • Proposal of the Govt. to develop 100 Smart Cities.
  • PM Mr. Narendra Modi’s vision of “House to Each by 2022”

 

The Company has extended its reach to all the four zones of the country by setting up manufacturing facilities in the North /South /West and a Depo in the East.

 

In short, they are con­ dent about the growth of The Company in the years ahead and The Company is ready with the required capacity, infrastructure, distribution network, product range etc.

 

Industry Structure and Developments (Adhesive and Sealants):

 

The size of Adhesives, Sealants and Building Chemicals market is appx. Rs.100000.000 Million which is very large and is predominantly controlled by very few well established manufactures. Hence, the growth for The Company in these areas is imminent.

 

The per capita consumption of adhesives is 9.4 Kg in Germany, 9.1 Kg in US compared to 1.5 Kg in China and just 0.20 Kg in India. This shows that India offers good potential for growth in the consumption of adhesives which is a positive feature of this industry.

 

Similarly, while the value of per capita consumption of adhesives is `750 for developed countries it is just `50/- for India.

 

Indian and Chinese adhesive industry is growing at 15% CAGR. With the newer innovative and faster construction techniques, the growth of the adhesive industry will go up in the future, with steady increase in urbanization and modern constructions, the demand for adhesives and building construction chemicals is expected to grow much faster.

 

Outlook:

 

The history of piping Industry in India has witnessed higher growth and will continue to be so because of the following reasons.

 

Replacement of conventional piping systems like galvanized Iron and Cast Iron piping systems with plastic is going on and will continue in the near term.

 

Growth in construction, particularly in rural & Tier-II and III cities is going to supported by demographic change, aspirations of better lifestyle, nuclear family concept and continuous rise of the middle class.

 

Increase in the demand for branded agriculture and plumbing pipes because of increase in income levels

 

While the Piping Industry has been growing at 12-15% CAGR during the last 10 years ,The Company’s growth has been much higher than that of the Industry (CAGR 30% +)

 

New Government is committed to rapid economic growth of the country. Some of the initiatives taken by the government like “SMART CITIES”, “REIT”, “FDI – in real-estate” etc will have a favorable impact on the demand for the products of piping and adhesive industries.

 

As far as The Company is concerned, a single most important advantage it enjoys is that it is the only Company which can offer to the developers all their piping requirements for various projects. Astral offers one-stop solution for various piping requirements such as Plumbing (Hot & Cold), Drainage, Underground, Rain water harvesting, Sewage, Industrial, Fire Sprinklers, Agri Pipes etc.

 

The Company is the only NSF approved Company in the plumbing industry, giving it an edge over its competitors. With the association of Mr. Salman Khan as Brand Ambassador, The Company’s Brand strength is steadily going up. The distribution network of The Company is continuously expanding. The Company has, at present, 700+ distributors and 20000+ dealers.

 

With recent two acquisitions Viz. Resinova (Kanpur, India) and Seal it (Bond It – UK), The Company supplies full range of products in the Adhesives, Sealants and Building Chemicals segment. As already mentioned earlier, market opportunities are many in this segment and therefore, they see a very positive outlook for growth in the years ahead.

 

Looking to the size of the Piping Industry of more than 275 (INR bn) and plastic piping of 215 (INR bn) and 100 (INR bn) for Adhesives, Sealants & Building Chemicals Their see a very bright future for The Company. In both size and scale this industry is growing signi­ficantly and with the new demand in housing, infra, hotels, airports, malls, 100 Smart Cities and lot of commercial construction, The Company will have a very good growth opportunity in the years ahead.

 

The Company has recently entered the agri piping sector which also has a very good market in India and future potential. They are just beginning a journey in the segment where the existing market size is placed around `7000 crores. Which is further growing. Looking to the Astral’s strong brand awareness in India and its coming branding events with Mr. Salman Khan, The Company is quite con­ dent that it will be able to muster a reasonable market share from this segment in the days ahead. The initial response for these products is very encouraging and they are con­ dent of growth in coming years in this segment also.

 

The Company has recently commenced the production and sales from its South-based plant (Hosur- Tamil Nadu) which will help the Company to expand its Southern market in India. Last year, they started with PVC products and now they have installed machines for CPVC products. With the availability of additional power, they will be able to start manufacturing CPVC pipes in the coming months which will enable The Company to capture higher market share because of the logistic advantage of the new plant.

 

Business of the Kenya joint venture of The Company has started picking up. Last year sales have grown by 67%. In the current year it is expected to further grow at a rapid pace especially with the introduction of local manufacturing of ­ fittings. They foresee a sizeable growth in Kenyan market because of duty saving.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Short-term borrowings

 

 

Short Term Loan From Banks

0.000

60.000

 

 

 

Total

0.000

60.000

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10550144

31/01/2015 *

544,477,500.00

HSBC Bank (Mauritius) Limited

6th FLOOR, HSBC CENTRE, 18 CYBER CITY, EBENE, MAURITIUS, CYBER CITY, - 72201, MAURITIUS

C44705283

2

10549636

31/01/2015 *

200,000,000.00

The Hongkong and Shanghai Banking Corporation Limited

OFFICE NO 35-47 MARDLA PLAZA, UPPER LEVEL CG ROAD, AHMEDABAD, Gujarat - 380006, INDIA

C45230026

3

10435959

02/07/2013

620,000,000.00

INDUSIND BANK LIMITED

World Business House, M. G. Road, Nr. Parimal Garden, Ellis Bridge,, Ahmedabad, Gujarat - 411001, IN DIA

B79236816

4

10308431

15/01/2013 *

589,280,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

B67152439

5

10277794

02/07/2013 *

207,865,000.00

Standard Chartered Bank

Abhijeet II, Ground Floor, Near Mithakali Six Road, Ahmedabad, Gujarat - 380006, INDIA

B80566581

6

10201480

24/04/2014 *

300,000,000.00

IDBI Bank Limited

IDBI COMPLEX, OPP.MUNCIPAL STAFF QUARTERS,, NEAR LAL BUNGLOW, OFF C.G.ROAD, AHMEDABAD, Gujarat - 380006, INDIA

C03818549

7

10091244

02/07/2013 *

300,000,000.00

Standard Chartered Bank

ABHIJEET II GROUND FLOOR, NEAR MITHAKALI SIX ROAD 
S, AHMEDABAD, Gujarat - 380006, INDIA

B80392053

8

90110450

18/06/2014 *

1,856,000,000.00

CORPORATION BANK

CORPORATE BANKING BRANCH, 1ST FLOOR RANGOLI COMPL EX, OPP. V S HOSPITAL,AHMEDABAD, Gujarat - 380006 
, INDIA

C11210291

 

 

* Date of charge modification

 

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.2015

31.03.2014

Letters of Credits for Purchases

4.898

14.975

Central Sales Tax under appeal

5.085

--

Guarantee Given by Company on behalf of Joint Venture for availing borrowing from local Bank

198.987

197.201

 

 

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER 2015

(Rs. In Million)

 

Particulars

Quarter Ended

 

30.09.2015

30.06.2015

30.09.2015

 

(Unaudited)

(Unaudited)

(Unaudited)

 

 

 

 

 

1

a. Net Sales (Net of excise duty)

3228.208

2929.823

6158.031

 

b. Other Operating Income

0.664

0.683

1.347

 

Total Income from Operations (Net)

3228.872

2930.506

6159.378

2

Expenditure

 

 

 

 

a. Cost of Materials Consumed

2677.626

2108.098

4785.724

 

b. Purchase of Stock-in-Trade

160.387

224.457

384.844

 

c. Changes in Inventories of Finished Goods & Stock in trade

(552.958)

(248.657)

(801.615)

 

d. Employee Benefits Expenses

83.794

72.725

156.519

 

e. Depreciation and amortisation Expense

86.078

82.435

168.513

 

f. Other Expenses

435.715

378.901

814.616

 

Total Expenses

2890.642

2617.959

5508.601

3

Profit  from  Operations   before  Other Income,  Finance Costs & Exceptional Items (1-2)

338.230

312.547

650.777

4

Other Income

3.628

4.481

8.109

5

Profit Before Finance Costs & Exceptional Items   (3+4)

241.858

317.028

658.886

6

Finance Costs

27.723

27.771

55.494

7

Profit after Finance Cost but before exceptional items (5-6)

314.135

289.257

603.392

8

Exceptional Items

(57.664)

(21.820)

(79.484)

9

Profit before Tax (7+8)

256.471

267.437

523.908

10

Tax Expense

89.670

95.916

18.586

11

Net Profit for the period (9-10)

166.801

171.521

338.322

12

Paid up Equity Share Capital (Face Value of Re.1/- Each)

118.365

118.365

118.365

13

Reserves excluding Revaluation Reserves

--

--

--

14

Basic and Diluted Earnings Per Share (Rs.)

 (Not Annualised)

1.41

1.45

2.86

 

 

 

 

 

 

 

 

 

 

PART - II    SELECT INFORMATION FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER 2015

 

A

PARTICULARS OF SHAREHOLDING

 

 

 

 

1

Public shareholding

 

 

 

 

 

a.

Number of shares

47299219

47299219

47299219

 

 

b.

Percentage of shareholding

39.96%

39.96%

39.96%

 

2

Promoters and promoter group shareholding

 

 

 

 

 

a.

Pledged/Encumbered

 

 

 

 

 

Number of shares

Nil

Nil

Nil

 

 

 

Percentage of shares (as a % of the total shareholding of promoter and promoter group)

--

--

--

 

 

 

Percentage of shares (as a % of the total share capital of the Company)

--

--

--

 

 

b.

Non-encumbered

 

 

 

 

 

Number of shares

71065860

3,58,58,080

71065860

 

 

 

Percentage of shares (as a % of the total shareholding of promoter and promoter group)

100.00%

100.00%

100.00%

 

 

 

Percentage of shares (as a % of the total share capital of the Company)

60.04%

60.04%

60.04%

 

 

 

Particulars

Quarter

ended

30.09.2015

B   INVESTOR COMPLAINTS (Nos.)

 

Pending at the beginning of the quarter

Nil

Received during the quarter

5

Disposed of during the quarter

5

Remaining unresolved at the end of the quarter

Nil

 

Note:

 

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

 

(Rs. In Million)

SOURCES OF FUNDS

30.09.2015

 

 

I.              EQUITY AND LIABILITIES

 

(1)Shareholders' Funds

 

(a) Share Capital

118.365

(b) Reserves & Surplus

6328.708

(c) Money received against share warrants

0.000

 

 

(2) Share Application money pending allotment

0.000

Total Shareholders’ Funds (1) + (2)

6447.073

 

 

(3) Non-Current Liabilities

 

(a) long-term borrowings

1003.993

(b) Deferred tax liabilities (Net)

180.378

(c) Other long term liabilities

0.000

(d) long-term provisions

3.101

Total Non-current Liabilities (3)

1187.472

 

 

(4) Current Liabilities

 

(a) Short term borrowings

0.000

(b) Trade payables

2200.766

(c) Other current liabilities

808.169

(d) Short-term provisions

139.494

Total Current Liabilities (4)

3148.429

 

 

TOTAL

10782.974

 

 

II.          ASSETS

 

(1) Non-current assets

 

(a) Fixed Assets

 

(i) Tangible assets

3299.920

(ii) Intangible Assets

0.000

(iii) Capital work-in-progress

0.000

(iv) Intangible assets under development

0.000

(b) Non-current Investments

2718.139

(c) Deferred tax assets (net)

0.000

(d)  Long-term Loan and Advances

218.317

(e) Other Non-current assets

0.000

Total Non-Current Assets

6236.376

 

 

(2) Current assets

 

(a) Current investments

0.000

(b) Inventories

2580.542

(c) Trade receivables

1341.097

(d) Cash and cash equivalents

23.504

(e) Short-term loans and advances

591.902

(f) Other current assets

9.553

Total Current Assets

4546.598

 

 

TOTAL

10782.974

 

Notes :

 

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on November 05, 2015 and reviewed by the Statutory Auditors.


2. The Board of Directors has declared an interim dividend of Re. 0.15 per equity share of Re. 1/- each.


3.(a) Exceptional items consists of foreign exchange loss of Rs. 57.664 Million for quarter ended September 30, 2015 (quarter ended September 30, 2014: Loss of Rs. 17.303 Million) and Rs. 71.173 Million for the six months ended September 30, 2015 (six months ended September 30, 2014 : Loss of Rs.9.486 Million) arise on foreign currency monetary items in accordance with Accounting Standard 11 - 'The Effects of Changes in Foreign Exchange Rates' except for items not accounted in Note 5.


(b) Exceptional items for the quarter ended June 30, 2015 and six months ended September 30, 2015 consists of Rs. 83.11 Million paid by the Company towards the full and final settlement of employees dues in respect of baddi plant.

4. As regards the statutory auditors comments in their limited review report for the quarter and six months ended September 30, 2015, the Company in view of volatility in the foreign exchange rate, in respect of foreign currency borrowings including acceptances and corresponding forward contracts, (loss)/gain arising on foreign exchange rate fluctuation on such outstanding balances, as at the end of the quarter has not been given effect in the above results as the Company will account for the same at the end of the financial year. Such loss for the quarter ended September 30, 2015 is Rs. 16.684 Million (quarter ended September 30, 2014: loss of Rs. 41.283 Million) and for the six months ended September 30, 2015 is Rs. 46.867 Million (six months ended September 30, 2014: loss of Rs. 548.19 Million) and accordingly, profit before tax for the quarter/six months ended September 30, 2015 and September 30, 2014 is being overstated by the same amount.


5. The Company is primarily engaged in the business of Plastic products, which constitute a single reportable segment in accordance with Accounting Standard 17 - "Segment Reporting" specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014.


6. The Company has acquired 9,61,164 equity shares of face value of Rs. 10/- each i.e. balance 24% of equity share capital of Resinova Chemie Limited (Subsidiary of the Company) at consideration of Rs. 73 Crores from a minority shareholder on November 02, 2015. Consequent upon the said acquisition Resinova Chemie Limited has become wholly owned subsidiary of the Company.


7. The Company has made allotment of 13,85,204 equity shares having face value of Re. 1/- each on preferential basis to Mr. Vijay Parikh at a price of Rs. 425.93 per share on November 02, 2015.


8. The figures for previous year / period have been regrouped / reclassified wherever necessary to correspond with the current period’s classification / disclosure.

 

FIXED ASSETS

·         Land

·         Buildings

·         Plant and Machinery

·         Furniture and Fixtures

·         Vehicles

 

 

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 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.66.74

UK Pound

1

Rs.99.61

Euro

1

Rs.70.66

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

JYTK

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILITY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

 

63

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.