MIRA INFORM REPORT
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Report No. : |
305143 |
|
Report Date : |
02.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SIGNET INDUSTRIES LIMITED |
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Registered
Office : |
308, Acme Plaza, Opposite Sangam Cinema, Andheri Kurla Road,
Andheri (East), Mumbai – 400059, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
29.01.1985 |
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Com. Reg. No.: |
11-035202 |
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Capital Investment
/ Paid-up Capital : |
Rs. 341.870 Millions |
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CIN No.: [Company Identification
No.] |
L51900MH1985PLC035202 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Trip and Strinkler Systems, PVC Pipes, SWR
Pipes, PVC Pipe Fittings, Plastic Furniture Etc. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1700000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and huge external borrowing taken by the company which acts as
threatening to the liquidity position of the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some caution. |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB- |
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Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
14.11.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
14.11.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
Management Non-Cooperative (91-22-30888064)
LOCATIONS
|
Registered Office : |
308, Acme Plaza, Opposite Sangam Cinema, Andheri Kurla
Road, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-32448061-64 |
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Fax No.: |
91-22-56941567 |
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E-Mail : |
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Website : |
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Administrative / Corporate Office : |
314/3, SDA Compound, Lasudia Mori, Dewas Naka, Indore – 452010, Madhya
Pradesh, India |
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Tel. No.: |
91-731-4217800 |
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Fax No.: |
91-731-4217867 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Mukesh Sangla |
|
Designation : |
Director |
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|
Name : |
Mr. Saurabh Sangla |
|
Designation : |
Director |
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Name : |
Mrs. Nishtha Neema |
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Designation : |
Director |
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Name : |
Mr. Murli Dhar Vashist |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mrs. Preeti Singh |
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Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholder |
Total
No. of Shares held in Dematerialized Form |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
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|
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|
7029954 |
24.09 |
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|
14381046 |
49.27 |
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|
21411000 |
73.36 |
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Total shareholding of Promoter and Promoter Group (A) |
21411000 |
73.36 |
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(B) Public Shareholding |
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|
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|
|
|
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|
7348417 |
25.18 |
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|
350598 |
1.20 |
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|
71073 |
0.24 |
|
|
5912 |
0.02 |
|
|
3403 |
0.01 |
|
NRIs/OCBs |
2509 |
0.01 |
|
|
7776000 |
26.64 |
|
Total Public shareholding (B) |
7776000 |
26.64 |
|
Total (A)+(B) |
29187000 |
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) |
29187000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Trip and Strinkler Systems, PVC Pipes, SWR
Pipes, PVC Pipe Fittings, Plastic Furniture 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 : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
Note : LONG TERM
BORROWINGS Buyers Credit
from Banks are secured against Ist Charge on the Land and Building and hypothecation
of Plant and Machinery and other Movable Assets of the Drip Irrigation
Project of the Company (Both Existing & Future) at Pithampur by way of
equitable mortgage. SHORT TERM
BORROWINGS a.(i) Working
Capital Loans from Banks amounting to Rs. 802.818 Millions (Pre. Year Rs.
737.335 Millions) are secured against hypothecation of stock of raw
materials, work in process, finished goods, other current assets and charge
on book debts, second pari passu charge on the Fixed Assets (both present and
future) of the company, extension of equitable mortgage of the immovable
properties situated at Industrial Area Pithampur and Kelodhala, Dewas Naka,
Indore and personal guarantee of Mr. Mukesh Sangla and Mr. Saurabh Sangla,
Directors of the company and Mrs. Monika Sangla and Corporate Guarantee of
M/s Kamdeep Marketing Private Limited. (ii) Working
Capital Loan includes Demand Loans availed during the year, the said loans
outstanding as at 31st March 2014, was Rs. 100.323 Millions (Pre. Year Rs
34.742 Millions), is secured by lien on Fixed Deposits (included under banks
balances with banks in deposit accounts in note 16) for Rs. 111.5000 Millions
(Pr. Year Rs. 35.300 Millions). b. During the
year Company has availed buyer’s credit, the said facility outstanding as at
31st March 2014 includes Rs. 249.716 Millions (Pre. Year Rs 438.817
Millions), secured by lien on Fixed Deposits (included in balances with banks
in deposit accounts in note 16) and balance Rs. 280.590 Millions /- (Pre.
Year Rs. 409.794 Millions) by earmarking the letter of credit facilities
sanctioned by the banks. c. Secured Short
Term Borrowings aggregating to Rs. 802.818 Millions (Pre. Year Rs. 737.335
Millions) are secured by Personal Guarantee of Directors Mr. Mukesh Sangla
& Mr. Saurabh Sangla and Mrs. Monika Sangla and corporate guarantee of
M/s Kamdeep Marketing Private Limited |
|
Auditors : |
|
|
Name : |
Ashok Khasgiwala and Company Chartered Accountants |
|
Address : |
317, Cnetar Centre Area, RNT Marg, Indore – 452 001, Madhya Pradesh,
India |
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Tel. No.: |
91-731-2517341 / 4069301 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates : |
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CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
5000000 |
5% Non Cumulative Redeemable Preferences Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
TOTAL
|
|
Rs.350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
29187000 |
Equity Shares |
Rs.10/- each
|
Rs.291.870
Millions |
|
5000000 |
5% Non Cumulative Redeemable Preferences Shares |
Rs.10/- each |
Rs.50.000
Millions |
|
|
TOTAL
|
|
Rs.341.870 Millions |
Reconciliation
of number of Equity Shares and amount outstanding :
|
Particulars |
As at 31st March
2014 |
|
|
|
No. of Shares |
Amount |
|
Equity Shares at the beginning of the year |
29,187,000 |
Rs. 291.870 |
|
Add : Issued during the year |
- |
- |
|
Equity Shares at the end of the year |
29,187,000 |
Rs. 291.870 |
Reconciliation
of number of Preference Shares and amount outstanding :
|
Particulars |
As at 31st March
2014 |
|
|
|
No. of Shares |
Amount |
|
Preference Shares at the beginning of the year |
5,000,000 |
Rs. 50.000 |
|
Add : Issued during the year |
- |
- |
|
Preference Shares at the end of the year |
5,000,000 |
Rs. 50.000 |
1.3 Terms / Rights
attached to Equity Shares:
The company has
only one class of equity shares having a par value of Rs. 10 per share. Each shareholder
is eligible for one vote per share. The dividend proposed by the Board of
Directors is subject to the approval of shareholders in the ensuing Annual
General Meeting, except in case of interim dividend. In the event of
liquidation, the equity shareholders will be entitled to receive the remaining
assets of the Company after distribution of all preferential amounts in
proportion to their shareholding.
1.4 Terms / Rights
attached to Preference Shares :
Preference Shares
are Non Convertible, Non Cumulative, Redeemable and have a par value of Rs.10/-
per share. Each Preference Shareholder is eligible for one vote per share only
on resolution affecting their rights and interest. Shareholders are entitled to
dividend at the rate of 5% p.a. which is non cumulative. In the event of
liquidation of the Company before redemption the holders of preference shares
will have priority over equity shares in the payment of dividend and repayment
of capital.
1.5 The Company has
allotted 50,00,000 ,5% Non Convertible, Non Cumulative, Redeemable Preference
Shares of Rs. 10/- each on 8th October 2012. These Preference Shares are
redeemable at par, not being after 20 years From the date of allotment, to be
decided by the Board of Directors.
1.6 Equity Shareholders holding more than 5% equity shares:
|
Particulars |
As at 31st March
2014 |
|
|
|
No. of Shares |
% |
|
Shri Balaji Starch and Chemicals Private Limited |
3,886,200 |
13.31% |
|
Swan Irrigation Private Limited |
2,891,700 |
9.91% |
|
Adroit Industries (India) Limited |
2,475,000 |
8.48% |
|
Mr. Mukesh Sangla |
1,844,382 |
6.32% |
|
Mrs. Monika Sangla |
1,843,500 |
6.32% |
|
Mr. Saurabh Sangla |
1,812,000 |
6.21% |
|
Ornate Impex Private Limited |
2,078,400 |
7.12% |
|
Signet Tradelinks Private Limited |
2,065,746 |
7.08% |
1.7 Preference Shareholders holding more than 5% preference shares:
|
Particulars |
As at 31st March
2014 |
|
|
|
No. of Shares |
% |
|
Avance Technologies Limited |
1,550,000 |
31.00% |
|
Asan Investments and Finance Limited |
1,000,000 |
20.00% |
|
Advance Corpcare (India) Private Limited |
600,000 |
12.00% |
|
Advance Fertilizers (India) Private Limited |
500,000 |
10.00% |
|
RSD Capital Market Private Limited |
350,000 |
7.00% |
1.8 The company has
allotted 27565500 equity shares as fully paid up Bonus shares during the period
of five years immediately preceding the date of Balance Sheet.
1.9 For the period of
five years immediately preceding the date at which the Balance Sheet is prepared
i.e. 31.03.2014, the company has not -
(i) allotted any
shares pursuant to contract(s) without payment being received in cash,
(ii) bought back any shares/class of shares
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
341.870 |
341.870 |
291.870 |
|
(b) Reserves & Surplus |
248.315 |
135.715 |
58.475 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
50.000 |
|
Total Shareholders’ Funds (1) + (2) |
590.185 |
477.585 |
400.345 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
986.438 |
919.099 |
952.376 |
|
(b) Deferred tax liabilities (Net) |
115.706 |
104.519 |
83.445 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.438 |
1.840 |
1.129 |
|
Total Non-current
Liabilities (3) |
1104.582 |
1025.458 |
1036.950 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1438.447 |
1626.577 |
1419.154 |
|
(b) Trade
payables |
1523.807 |
1172.621 |
1145.556 |
|
(c) Other
current liabilities |
322.491 |
256.085 |
214.228 |
|
(d) Short-term
provisions |
83.524 |
10.703 |
17.031 |
|
Total Current
Liabilities (4) |
3368.269 |
3065.986 |
2795.969 |
|
|
|
|
|
|
TOTAL |
5063.036 |
4569.029 |
4233.264 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
817.376 |
779.244 |
754.939 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1.034 |
0.000 |
39.362 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.809 |
76.945 |
76.945 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
101.736 |
81.212 |
73.557 |
|
(e) Other
Non-current assets |
22.054 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
943.009 |
937.401 |
944.803 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
876.728 |
729.142 |
673.723 |
|
(c) Trade
receivables |
2412.264 |
2031.064 |
1846.706 |
|
(d) Cash
and cash equivalents |
642.996 |
678.153 |
498.034 |
|
(e) Short-term
loans and advances |
161.500 |
110.018 |
204.369 |
|
(f) Other
current assets |
26.539 |
83.251 |
65.629 |
|
Total
Current Assets |
4120.027 |
3631.628 |
3288.461 |
|
|
|
|
|
|
TOTAL |
5063.036 |
4569.029 |
4233.264 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6124.664 |
5649.745 |
5124.034 |
|
|
|
Other Income |
40.712 |
24.507 |
4.355 |
|
|
|
TOTAL (A) |
6165.376 |
5674.252 |
5128.389 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1574.471 |
1520.558 |
948.484 |
|
|
|
Purchases of Stocks in Trade |
3456.528 |
3234.383 |
3624.909 |
|
|
|
Employee Benefits Expenses |
96.608 |
76.489 |
59.536 |
|
|
|
Other Expenses |
341.397 |
274.365 |
224.755 |
|
|
|
Changes in Inventories of Finished Goods, Work in Progress and Stock
in Trade |
16.724 |
22.196 |
(113.576) |
|
|
|
TOTAL (B) |
5485.728 |
5127.991 |
4744.108 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
679.648 |
546.261 |
384.281 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
403.090 |
309.945 |
258.586 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
276.558 |
236.316 |
125.695 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
64.370 |
60.593 |
45.191 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
212.188 |
175.723 |
80.504 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
55.687 |
56.374 |
41.254 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
156.501 |
119.349 |
39.250 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
119.106 |
44.849 |
22.560 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.913 |
2.984 |
0.000 |
|
|
|
Proposed Dividend Preferences Shares |
2.500 |
1.199 |
0.000 |
|
|
|
Proposed Dividend Equity Shares |
35.024 |
0.000 |
14.594 |
|
|
|
Interim Dividend Equity Shares |
0.000 |
35.024 |
0.000 |
|
|
|
Tax on Dividend |
6.377 |
5.885 |
2.367 |
|
|
|
Utilized During the year for Issue of Bonus Share |
0.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
47.814 |
119.106 |
44.849 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
4.301 |
2.325 |
0.000 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
953.701 |
1329.186 |
900.627 |
|
|
|
Stores & Spares |
0.431 |
1.277 |
0.304 |
|
|
|
Capital Goods |
24.963 |
12.603 |
13.915 |
|
|
TOTAL IMPORTS |
979.095 |
1343.066 |
914.846 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.36 |
4.04 |
1.34 |
|
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs.in
Millions) |
Jun 2014 |
Sep 2014 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
|
1St Quarter |
2nd
Quarter |
|
Net Sales |
1610.900 |
1547.500 |
|
Total Expenditure |
1451.200 |
1392.300 |
|
PBIDT (Excl OI) |
159.700 |
155.200 |
|
Other Income |
10.000 |
8.800 |
|
Operating Profit |
169.700 |
164.000 |
|
Interest |
88.300 |
101.300 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
81.400 |
62.700 |
|
Depreciation |
15.100 |
17.600 |
|
Profit Before Tax |
66.200 |
45.100 |
|
Tax |
18.500 |
13.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
47.700 |
32.100 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
47.700 |
32.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.55 |
0.37 |
0.77 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
10.60
|
9.66 |
7.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.19 |
3.91
|
1.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36 |
0.37
|
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.11 |
5.33
|
5.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.18
|
1.17 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
291.870 |
341.870 |
341.870 |
|
Reserves & Surplus |
58.475 |
135.715 |
248.315 |
|
Net
worth |
350.345 |
477.585 |
590.185 |
|
|
|
|
|
|
long-term borrowings |
952.376 |
919.099 |
986.438 |
|
Short term borrowings |
1419.154 |
1626.577 |
1438.447 |
|
Total
borrowings |
2371.530 |
2545.676 |
2424.885 |
|
Debt/Equity
ratio |
6.769 |
5.330 |
4.109 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5124.034 |
5649.745 |
6124.664 |
|
|
|
10.260 |
8.406 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5124.034 |
5649.745 |
6124.664 |
|
Profit |
39.250 |
119.349 |
156.501 |
|
|
0.77% |
2.11% |
2.56% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
|
Particulars |
As
on 31.03.2014 [Rs.
in Millions] |
As
on 31.03.2013 [Rs.
in Millions] |
|
LONG TERM
BORROWINGS |
|
|
|
Intercorporate Loans |
472.164 |
469.164 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Intercorporate Loans |
5.000 |
1.554 |
|
|
|
|
|
Total |
477.164 |
470.717 |
BUSINESS REVIEW
The Company continued to maintain its upward trend by registering Sales of Rs. 6165.375 Millions as against Rs. 5674.253 Millions in the previous year. Profit before Finance Costs, Depreciation, and Tax has increased from Rs.546.262 Millions to Rs. 679.648 Millions. After providing for finance costs and Depreciation amounting to Rs. 467.460 Millions and Rs. 370.538 Millions respectively, the Profit before Tax for the year has amounted to Rs. 212.188 Millions as compared to Rs 175.723 Millions in the previous year. Net profit After Tax for the year has increased to Rs. 156.501 Millions as compared to Rs 119.349 Millions in the previous year.
MANAGEMENT DISCUSSION AND
ANALYSIS REPORT
OVERVIEW
India
is expected to record 6.1 per cent gross domestic product (GDP) growth in the
current fiscal, The growth is expected to increase further to 6.7 per cent In
2014-15, according to the World Bank’s latest
India Development Update, a bi-annual report on the Indian economy,
While, the Prime Minister s Economic Advisory Panel expects the economic growth
rate to increase to 6.4 per cent In- 2013-14 from 5 percent during 2012-13, on
back of improvement in performance of agriculture
and manufacturing sectors.
Despite
berg among the fastest growth markets globally, India’s per capita plastic
consumption (PE, PP and PVC) at 6.6 Kg remains far behind those of the US (67.3
Kg), China (36.7 Kg) and Brazil (24.6 Kg). However, it is advancing at 2.5
times its GDP growth. Besides, the subcontinents surging industrialization and
increasingly powerful economy holds immense untapped growth potential.
.
Polymer
consumption in India’s is polsed to grow multifold, with the help of new
developments in packaging applications, infrastructure growth, modernization of
agriculture sector, improved healthcare facilities, improved lifestyle and
disposable incomes, automobile demand and rural penetration .
PVC
finds application in irrigation pipes, drinking water supply, sewerage schemes,
profiles for the building industry wires and cables. Pipes and fittings
continue to account for 74% of the domestic PVC demand, India’s PVC consumption
was estimated to be 2.24 MMT in FY 2012-21013, growing by 14% over the previous
year.
Subject
successfully installed additional annual capacity of 6,000 MTS for production
of PVC pipes used in irrigation as well as infrastructure sector. Further, the
subject plans to install additional annual capacity of 10000 MTs for production
of PVC pipes by August, 2013. The like annualized impact on company’s turnover
shall be Rs.750.000 Millions
To
reduce is dependence upon
bought out components and to increase its profitability, the subject
successfully launched various fittings and accessories in relation to micro
Irrigation and sprinkler Irrigation systems. The subject plans to significantly
reduce its dependence upon the bought cut components during the financial year
to improve its profitability and market share.
Drip
Irrigation System is an advanced method of irrigation about the usefulness of
which the farmers are convinced but the adoption of the same is slow due to
high investment cost recurring with operation and maintenance costs. It
essentially consists of main, sub-main, laterals, drippers and few other
accessories to deliver the required quantity of water at the root zone of
the crop. The main accessories are filter
and fertilizer tanks/venture. Filers are necessary to prevent clogging of the
drippers. Fertilizers can be applied through venture/fertilizer tanks to avoid
wastage of this costly input, Low cost drip tapes of various diameters, slit
sizes and slit spacing are now available,
Subject
has obtained allocation for supply of drip irrigation system to Irrigate 5000
hectares of land as fist installment for the year 2012-13 by Government of
Andhra Pradesh, Department of Horticulture, Andhra Pradesh Micro Irrigation
Project
The
subject will further launch piping solutions for cold water supply as per ASTM
standards.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014
(Rs. In Millions)
|
Sr. No |
Particulars |
|
||
|
Quarter Ended |
||||
|
Six Month Ended |
||||
|
30.06.2014 |
||||
|
Unaudited |
||||
|
1 |
Income From
Operations |
|
||
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
1603.865 |
||
|
|
b. Other Operating Income |
6.980 |
||
|
|
Total Income from
Operations (Net) |
1610.845 |
||
|
2 |
Expenditure |
|
||
|
|
a. Cost of material Consumed |
524.775 |
||
|
|
b. Purchase of Stock-in trade |
813.450 |
||
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(9.751) |
||
|
|
d. Employees Benefit Expenses |
27.504 |
||
|
|
e. Depreciation and Amortisation Expenses |
15.117 |
||
|
|
f. Other expenses |
95.190 |
||
|
|
Total Expenses |
1466.285 |
||
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
144.560 |
||
|
4 |
Other Income |
0.029 |
||
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
144.589 |
||
|
6 |
Finance Costs |
78.359 |
||
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
66.230 |
||
|
8 |
Exceptional items |
-- |
||
|
9 |
Profit from
ordinary activities before tax |
66.230 |
||
|
10 |
Tax Expense |
18.518 |
||
|
|
- Income Tax |
- |
||
|
|
- Deferred Tax |
-- |
||
|
11 |
Net Profit from
ordinary activity after tax |
47.712 |
||
|
12 |
Extraordinary Items |
-- |
||
|
13 |
Net Profit After
Tax |
477.712 |
||
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
2918.70 |
||
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
||
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
1.63 |
||
|
|
Basic EPS |
-- |
||
|
|
Diluted EPS |
-- |
||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
||
|
17 |
Public Shareholding |
|
||
|
|
- No. of shares |
|
||
|
|
- Percentage of shareholding |
|
||
|
18 |
Promoter &
Promoter Group Shareholding |
|
||
|
|
a)
Pledged/Encumbered |
|
||
|
|
- No. of shares |
-- |
||
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
-- |
||
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
-- |
||
|
|
b) Non-encumbered |
|
||
|
|
- No. of shares |
21411000 |
||
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00 |
||
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
73.36 |
||
|
||||
|
|
Particulars |
Quarter ended 30.06.2014 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
Received during the quarter |
-- |
|
|
Disposed off during the quarter |
-- |
|
|
Remaining unresolved at the end of the
quarter |
-- |
Note :
- The above results were reviewed by the audit committee and approved at the meting of the Board of Directors held on 13.08.2014
- Consignment sales of Rs. 393.453Millions for the Quarter Ended 30.06.2014 is not included in the above sales.
- Interest Income for the Quarter Ended 30th June 2014 of Rs. 9.963 Millions (Previous Year Rs. 15.020 Millions) has been netted off against interest expenses.
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND
CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
3
Months Ended (
Unaudited) |
|
|
31.06.2014 |
|
a.
Information about Primary Business Segments |
|
|
1.
Segment Revenue |
|
|
Manufacturing |
762.251 |
|
Windmill |
3.666 |
|
Trading |
844.956 |
|
Unallocable |
0.000 |
|
Total |
1610.873 |
|
Segment Results |
|
|
Manufacturing |
125.663 |
|
Windmill |
2.118 |
|
Trading |
20.399 |
|
Unallocable |
(3.592) |
|
|
144.588 |
|
Less: |
|
|
Interest |
78.359 |
|
Unallocable Expenditure |
0.000 |
|
Total Profit Before Tax Capital Employed |
66.229 |
|
|
|
|
Manufacturing |
2085.258 |
|
Windmill |
85.392 |
|
Trading |
574.854 |
|
Unallocable |
(2098.879) |
|
|
|
|
Total |
646.625 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10494215 |
12/09/2013 |
4,100,000.00 |
INDIAN OVERSEAS BANK |
MID CORPORATE BRANCH, Scheme 54 Shri Satya Sai Vi |
C04150967 |
|
2 |
10429090 |
06/02/2014 * |
110,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTRE COMPLEX,
CUFFE PARADE, MUMBAI, Maharashtra - 400 |
B96031596 |
|
3 |
10249650 |
19/04/2014 * |
2,700,000,000.00 |
UCO Bank |
UCO BANK, New Palasia Branch, INDORE, Madhya Pradesh - 452001, INDIA |
C02677797 |
|
4 |
10249654 |
23/09/2010 |
650,000,000.00 |
UCO Bank |
2/5, 3/5, Girnar Tower, New Palasia Branch, Indore, Madhya Pradesh - 452003, INDIA |
A97942387 |
|
5 |
10225833 |
03/06/2010 |
400,000,000.00 |
UCO BANK |
NEW PALASIA, 2/5, 3/5, GIRNAR TOWER, INDORE, Madhya Pradesh - 452001, INDIA |
A88279708 |
|
6 |
10225832 |
03/06/2010 |
1,155,000,000.00 |
UCO BANK |
NEW PALASIA, 2/5, 3/5, GIRNAR TOWER, INDORE, Madhya Pradesh - 452001, INDIA |
A88279336 |
|
7 |
10194509 |
26/12/2009 |
100,000,000.00 |
UCO BANK |
NEW PALASIA BRANCH, 2/5, 3/5, GIRNAR TOWER,, INDORE, Madhya Pradesh - 452001, INDIA |
A76372499 |
|
8 |
10093165 |
31/12/2009 * |
50,000,000.00 |
UCO BANK |
NEW PALASIA BRANCH, 3/5, GIRNAR TOWER, INDORE, Madhya Pradesh - 452001, INDIA |
A76837335 |
|
9 |
10093164 |
31/12/2009 * |
1,075,000,000.00 |
UCO BANK |
NEW PALASIA,, 3/5, GIRNAR TOWER, INDORE, Madhya Pradesh - 452001, INDIA |
A76837244 |
|
10 |
10007172 |
26/04/2006 |
27,000,000.00 |
UCO BANK |
NEW PALASIA BRANCH, INDORE, INDORE, Madhya Pradesh - 452001, INDIA |
A01445931 |
* Date of charge modification
FIXED ASSETS:
- Land
- Plant and Machinery
- Windmill
- Furniture and Fixtures
- Office Equipments
- Vehicle
- Computer
- Dyes and Moulds
- Factory Building
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.92.77 |
|
Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.