MIRA INFORM REPORT
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Report No. : |
306967 |
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Report Date : |
07.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTHAN NATIONAL GLASS AND
INDUSTRIES LIMITED |
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|
|
|
Formerly Known
As : |
HINDUSTAN NATIONAL GLASS
MANUFACTURING COMPANY LIMITED |
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Registered
Office : |
2, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
23.02.1946 |
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Com. Reg. No.: |
21-013294 |
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Capital
Investment / Paid-up Capital : |
Rs.174.677 Millions |
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CIN No.: [Company Identification
No.] |
L26109WB1946PLC013294 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALH01957E |
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PAN No.: [Permanent Account No.] |
AAACH7557G |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing and Selling of Container Glass. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having satisfactory track
record. The company possesses an acceptable financial profile marked by adequate
networth base along with gradual decline in liquidity profile due to
increased gearing and consecutive losses during FY14. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view of the company being the market leader in the market, it can
be considered for busi8ness dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: “BBB-” |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
30.12.2014 |
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Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: “A2” |
|
Rating Explanation |
Moderate degree of safety and high credit
risk. |
|
Date |
30.12.2014 |
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.
LOCATIONS
|
Registered Office/ Corporate Office : |
2, Red Cross Place, Kolkata – 700 001, West Bengal, India |
|
Tel. No.: |
91-33-22482341/ 42/ 43/ 44/ 22543100 |
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Fax No.: |
91-33-22482367/ 22543130 |
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E-Mail : |
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|
Website : |
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Area : |
28000 sq. ft. |
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Location : |
Leased |
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Factory 1 : |
Bahadurgarh, District Jhajjar –
124 507, Haryana, India |
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Tel. No.: |
91-1276-211807/ 802/ 803/ 804/ 805/ 806/ 807/ 808 |
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Fax No.: |
91-1276-211810/ 214163 |
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E-Mail : |
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Area : |
45000 sq. ft. |
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Location : |
Owned |
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Factory 2 : |
2, Panchu Gopal Bhaduri Sarani, Rishra, District Hooghly – 712 248,
West Bengal, India |
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Tel. No.: |
91-33-26726801/ 6802/ 6803/ 6804 |
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Fax No.: |
91-33-26726807 |
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E-Mail : |
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Area : |
40000 sq. ft. |
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Location : |
Owned |
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Factory 3 : |
14, RIICO Industrial Area, Neemrana, District Alwar – 301 705,
Rajasthan, India |
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Tel. No.: |
91-1494-246712/ 513935 |
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Fax No.: |
91-1494-246713 |
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Factory 4 : |
P.O. Virbhadra, Rishikesh, District Dehradun – 249 201, Uttarakhand,
India |
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Tel. No.: |
91-135-2470700 |
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Fax No.: |
91-135-2470777 |
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Factory 5 : |
Thonadamantham Village, Vezhudavoor S.O., Puducherry – 605 502, India |
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Tel. No.: |
91-413-2677319 |
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Fax No.: |
91-413-2677366 / 2677666 |
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Factory 6 : |
Nashik Glass Work, F1, MIDC, Malegaon, District, Sinnar,
Nashik-422113, Maharashtra, India |
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Tel. No.: |
91-25511-228900 |
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Fax No.: |
91-25511-228999 |
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Marketing and Sales Offices : |
Located at: ·
Jhajjar ·
Kolkata ·
Bangalore ·
Chennai ·
Mumbai ·
Hyderabad |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Chandra Kumar Somany |
|
Designation : |
Chairman |
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Address : |
2, Ironside Road, Kolkata - 700019, West Bengal, India |
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Date of Birth/Age : |
1933 |
|
Qualification : |
I. Sc., FBIM (London) |
|
Other Directorships : |
· Glass Equipment (India) Limited · Hasow Automation Limited · Sportlight Vanijya Limited · Topaz Commerce Limited · The West Coast Paper Mills Limited · Ceramic Colours and Containers Limited · R. B. Rodda and Company Limited |
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|
Name : |
Mr. Sanjay Somany |
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Designation : |
Vice Chairman and Managing Director |
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Address : |
W-22, Greater Kailash, New Delhi – 110048, India |
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Date of Birth/Age : |
28.07.1958 |
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Qualification : |
B.Com., Diploma in Diesel Engineering |
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Expertise
in specific functional areas: |
He has over three decades of hands on experience in the glass industry. He is credited with leading the Company to the forefronts of technological excellence. |
|
Other Directorships : |
· Glass Equipment (India) Limited Spotlight
Vanijya Limited HNG
Float Glass Limited AMCL
Machinery Limited HNG
Cement Limited HNG
Power Limited Mould
Equipment Limited |
|
|
|
|
Name : |
Mr. Mukul Somany |
|
Designation : |
Vice Chairman and Managing Director |
|
Address : |
2, Ironside Road, Kolkata – 700019, West Bengal, India |
|
Date of Birth/Age : |
15.10.1965 |
|
Qualification : |
B. Com. (Hons) |
|
Expertise
in specific functional areas: |
He is a commerce graduate and has over 25 years of valuable experience in the glass industry. He has been the driving force behind the Company’s acquisitions, marketing and branding strategies over the years. He has played a crucial role in consolidating the Company’s position as a leading glass manufacturer in the industry |
|
Other Directorships : |
· Glass Equipment (India) Limited Spotlight
Vanijya Limited HN Float Glass Limited AMCL
Machinery Limited HNG
Cement Limited HNG
Power Limited Mould
Equipment Limited |
|
|
|
|
Name : |
Mr. Dipankar Chatterji |
|
Designation : |
Director |
|
Address : |
2/1, Nazar Ali Lane, Kolkata – 700019, West Bengal, India |
|
Date of Birth/Age : |
23.08.1948 |
|
Qualification : |
Chartered Accountant |
|
Expertise
in specific functional areas: |
He is a senior partner of the firm, L.B Jha and Co. Chartered Accountants. He is also former chairman of the Confederation of Indian Industry (CII- eastern region) and is currently a member of the National council of CII. He was the former President of Indo American Chamber of Commerce (Eastern Region) |
|
Other Directorships : |
· Nicco Ventures Ltd. West
Bengal Industrial Development Corp. Ltd. The
Calcutta Stock Exchange Ltd. TRF
Ltd. Texmaco
Infrastructure and Holdings Ltd. Peerless
Financial Services Ltd. |
|
|
|
|
Name : |
Mr. Kishore Bhimani |
|
Designation : |
Director |
|
Address : |
12/4, Sunny Park Apartments, 6, Sunny Park, Kolkata – 700029, West Bengal, India |
|
Expertise
in specific functional areas: |
He is a graduate from St. Xavier’s College, Kolkata and holds a B.Sc. (Eco.) degree from London School of Economics. He is an illustrated journalist. He is associated with The Statesman as senior assistant editor and has written exhaustively on sports, finance and the markets. |
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Qualification : |
B. A. (Hons in Economics) |
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|
Name : |
Mr. Ratna Kumar Daga |
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Designation : |
Director |
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Address : |
8, South End Park, Kolkata – 700029, West Bengal, India |
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Date of Birth/Age : |
19.08.1939 |
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Qualification : |
Post graduate degree in Business Management from U.K. |
|
Expertise
in specific functional areas: |
He has vast experience in the field of engineering and finance. During his tenure as chairman of Indian Institute of Materials Management, Kolkata, the professional body made significant strides in its activities. |
|
Other Directorships : |
· Somany Ceramics Limited S. R.
Continental Limited |
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|
Name : |
Mr. Sujit Bhattacharya |
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Designation : |
Director |
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Address : |
52-C, Ballygunge Circular Road, Kolkata – 700019, West Bengal, India |
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Date of Birth/Age : |
31.01.1943 |
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Expertise
in specific functional areas: |
He is a fellow member of Institute of Chartered Accountant of England and Institute of Chartered Accountant of India. He was also Senior partner partner of Lovelock and lewes, Chartered Accountants. His professional experience includes association in an advisory capacity in the fields of accounting and auditing standards, corporate governance, investigations, business valuation and taxation with several leading national and multinational corporations engaged in diversified manufacturing and service activities. |
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Qualification : |
Chartered Accountant |
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|
Name : |
Mr. Rakesh Kumar Sharma |
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Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Kumar Rai |
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Designation : |
Company Secretary |
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|
Name : |
Mr. Bimal Kumar Garodia |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholder |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
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|
14668285 |
16.79 |
|
|
46455555 |
53.19 |
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|
61123840 |
69.98 |
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|
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Total shareholding of Promoter and Promoter
Group (A) |
61123840 |
69.98 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
13546 |
0.02 |
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|
6348025 |
7.27 |
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|
6361571 |
7.28 |
|
|
|
|
|
|
2854923 |
3.27 |
|
|
|
|
|
|
1776579 |
2.03 |
|
|
15204100 |
17.41 |
|
|
17552 |
0.02 |
|
|
16077 |
0.02 |
|
|
1475 |
0.00 |
|
|
19853154 |
22.73 |
|
Total Public shareholding (B) |
26214725 |
30.02 |
|
Total (A)+(B) |
87338565 |
100.00 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
87338565 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Container Glass. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
GENERAL INFORMATION
|
Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Not Available |
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Bankers : |
· Axis Bank Limited Bank of
Baroda Cooperative
Centrale Raiffeisen - Boerenleenbank B.A. (trading as Rabobank International) DBS
Bank Limited Export
Import Bank of India General
Insurance Corporation of India HDFC
Bank Limited Life
Insurance Corporation of India Standard
Chartered Bank State
Bank of India Syndicate
Bank The
Hongkong and Shanghai Banking Corporation Limited |
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Facilities : |
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Auditors : |
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|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
14, |
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Tel. No.: |
91-33-22481111/ 1507 |
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Fax No.: |
91-33-22482956 |
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E-Mail : |
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Cost Auditors 1 : |
Shome and Banerjee Cost Accountants |
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|
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Cost Auditors 2 : |
N. Radhakrishnan and Company Cost Accountants |
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|
|
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Subsidiaries : |
· Glass Equipment (India) Limited (GEIL) HNG
Global GmbH (HNGGG) Quality
Minerals Limited (QML) |
|
|
|
|
Associate Company
(Upto June 30, 2013) : |
HNG Float Glass Limited (HNGFL) |
|
|
|
|
Joint Venture
Company (From July 1, 2013) : |
HNG Float Glass Limited (HNGFL) |
|
|
|
|
Other Related Parties : |
· AMCL Machinery Limited (AMCL) Brabourne
Commerce Private Limited Mould
Equipment Limited (MEL) Rungamattee Trexim Private Limited (RTPL) Somany
Foam Limited (SFL) Spotme
Tracon Private Limited (STPL) Spotlight
Vanijya Limited (SVL) |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2557500000 |
Equity Shares |
Rs.2/- each |
Rs.5115.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
87338565 |
Equity Shares |
Rs.2/- each |
Rs.174.677 Millions |
|
|
|
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|
1. The Company has only one class of equity shares having a par value of Rs. 2 each. Each holder of equity shares is entitled to one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after discharge of all liabilities, in proportion of their shareholding.
2. There is no change in the number of shares outstanding at the beginning and at the end of the reporting period.
3. Details of the
Shareholders holding more than 5% shares along with number of shares held:
|
Name of Shareholders |
Number of Shares held 31 March, 2014 |
|
Brabourne Commerce Private Limited |
21,414,485 |
|
Spotlight Vanijya Limited |
16,199,975 |
|
Dilip S Damle (Trustee HNG and ACE Trust) |
14,641,600 |
|
Ironwood Investment Holdings |
6,348,025 |
|
Rungamattee Trexim Private Limited |
4,420,550 |
|
Spotme Tracon Private Limited |
4,420,545 |
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 |
174.677 |
174.677 |
174.677 |
|
(b) Reserves & Surplus |
7489.304 |
9683.509 |
11402.497 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
146.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
7663.981 |
10004.186 |
11577.174 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
16827.853 |
17672.476 |
16024.529 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
209.908 |
953.828 |
|
(c) Other long term liabilities |
160.033 |
210.776 |
256.656 |
|
(d) long-term provisions |
65.356 |
77.136 |
72.228 |
|
Total Non-current Liabilities (3) |
17053.242 |
18170.296 |
17307.241 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5356.497 |
6311.299 |
3854.282 |
|
(b) Trade payables |
3772.903 |
3241.202 |
1428.544 |
|
(c) Other current
liabilities |
5361.101 |
5450.983 |
3215.238 |
|
(d) Short-term provisions |
529.712 |
904.423 |
1047.090 |
|
Total Current Liabilities (4) |
15020.213 |
15907.907 |
9545.154 |
|
|
|
|
|
|
TOTAL |
39737.436 |
44082.389 |
38429.569 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
25040.205 |
26836.236 |
13871.521 |
|
(ii) Intangible Assets |
8.613 |
33.256 |
59.608 |
|
(iii) Capital
work-in-progress |
1457.830 |
1479.574 |
11569.764 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1447.286 |
1808.923 |
1808.973 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
658.732 |
1317.982 |
2305.988 |
|
(e) Other Non-current assets |
13.607 |
13.044 |
13.034 |
|
Total Non-Current Assets |
28626.273 |
31489.015 |
29628.888 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5166.687 |
4982.164 |
3011.406 |
|
(c) Trade receivables |
3739.434 |
4896.098 |
3430.014 |
|
(d) Cash and cash
equivalents |
291.248 |
379.384 |
105.811 |
|
(e) Short-term loans and
advances |
1743.798 |
2322.813 |
2236.719 |
|
(f) Other current assets |
169.996 |
12.915 |
16.731 |
|
Total Current Assets |
11111.163 |
12593.374 |
8800.681 |
|
|
|
|
|
|
TOTAL |
39737.436 |
44082.389 |
38429.569 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue From Operations |
18143.851 |
18258.335 |
18888.537 |
|
|
|
Other Income |
891.029 |
64.939 |
58.902 |
|
|
|
TOTAL |
19034.880 |
18323.274 |
18947.439 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5383.226 |
5485.060 |
5111.559 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(163.467) |
(1542.459) |
(609.794) |
|
|
|
Employees benefits expense |
1627.161 |
1626.566 |
1347.729 |
|
|
|
Other expenses |
9544.315 |
11197.249 |
10058.971 |
|
|
|
TOTAL |
16391.235 |
16766.416 |
15908.465 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2643.645 |
1556.858 |
3038.974 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
2565.226 |
2035.672 |
923.273 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
78.419 |
(478.814) |
2115.701 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2470.145 |
1983.135 |
1165.230 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(2391.726) |
(2461.949) |
950.471 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(209.908) |
(743.920) |
41.864 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(2181.818) |
(1718.029) |
908.607 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
1028.657 |
596.143 |
|
|
Add |
TRANSFER FROM
DEBENTURE REDEMPTION RESERVE |
0.000 |
674.022 |
250.000 |
|
|
|
|
|
|
|
|
|
Add |
PROVISION FOR
PROPOSED DIVIDEND |
1.715 |
25.525 |
25.525 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
100.000 |
|
|
|
Proposed Dividend on Equity Shares |
0.000 |
8.734 |
131.008 |
|
|
|
Tax on Dividend |
0.000 |
1.441 |
20.610 |
|
|
|
Transferred to Debenture
Redemption Reserve |
0.000 |
0.000 |
500.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(2180.103) |
0.000 |
1028.657 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
546.478 |
921.736 |
524.323 |
|
|
TOTAL EARNINGS |
546.478 |
921.736 |
524.323 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1638.777 |
1926.603 |
1169.572 |
|
|
|
Components, Spare Parts and Stores etc. |
198.748 |
662.292 |
339.819 |
|
|
|
Capital Goods (including CWIP) |
32.711 |
844.231 |
5454.223 |
|
|
TOTAL IMPORTS |
1870.236 |
3433.126 |
6963.614 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(24.98) |
(19.67) |
10.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(11.46) |
(9.38) |
4.80 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(13.18) |
(13.48) |
5.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.49) |
(6.04) |
3.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.31) |
(0.25) |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.89 |
2.40 |
1.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.74 |
0.79 |
0.92 |
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 |
174.677 |
174.677 |
174.677 |
|
Reserves & Surplus |
11402.497 |
9683.509 |
7489.304 |
|
Share
Application money pending allotment |
0.000 |
146.000 |
0.000 |
|
Net worth |
11577.174 |
10004.186 |
7663.981 |
|
|
|
|
|
|
long-term borrowings |
16024.529 |
17672.476 |
16827.853 |
|
Short term borrowings |
3854.282 |
6311.299 |
5356.497 |
|
Total borrowings |
19878.811 |
23983.775 |
22184.350 |
|
Debt/Equity ratio |
1.717 |
2.397 |
2.895 |
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) |
|
Revenue From Operations |
18888.537 |
18258.335 |
18143.851 |
|
|
|
(3.336) |
(0.627) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue
From Operations |
18888.537 |
18258.335 |
18143.851 |
|
Profit |
908.607 |
(1718.029) |
(2181.818) |
|
|
4.81% |
(9.41%) |
(12.03%) |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN 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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10487917 |
09/07/2014
* |
1,000,000,000.00 |
SYNDICATE
BANK |
LARGE
CORPORATE BRANCH, LIC BUILDING, ILLACO HOUSE, 1, BRABOURNE ROAD, KOLKATA,
WEST BENGAL - 700001, INDIA |
C14801211 |
|
2 |
10468620 |
09/07/2014
* |
3,000,000,000.00 |
STATE
BANK OF INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH, 2ND FLOOR, RELIANCE HOUSE,34 J.L NEHRU ROAD, KOLKATA,
WEST BENGAL |
C14566731 |
|
3 |
10390942 |
09/07/2014
* |
1,300,000,000.00 |
COOPERATIVE
CENTRALE RAIFFESISEN-BOERENLEENBANK B |
32/F,
THREE PACIFIC PLACE, 1 QUEEN'S ROAD EAST, H |
C21628128 |
|
4 |
10380957 |
30/11/2012
* |
1,150,000,000.00 |
DBS
BANK LTD. (ACTING AS A SECURITY TRUSTEE) |
ON
BEHALF OF DBS BANK LTD, SINGAPORE, 4A, NANDALA |
B64345812 |
|
5 |
10355462 |
01/05/2012 |
4,740,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013,
INDIA |
B39545157 |
|
6 |
10353292 |
23/04/2012 |
1,000,000,000.00 |
IL
& FS TRUST COMPANY LIMITED |
IL
& FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA
EAST, MUMBAI, MAHARASHTRA |
B38581898 |
|
7 |
10360497 |
21/04/2012 |
1,000,000,000.00 |
IL
& FS TRUST COMPANY LIMITED |
IL
& FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA
EAST, MUMBAI, MAHARASHTRA |
B39632625 |
|
8 |
10344231 |
06/03/2012 |
6,200,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013,
INDIA |
B35807379 |
|
9 |
10341855 |
20/02/2012 |
1,000,000,000.00 |
IL
& FS TRUST COMPANY LIMITED |
IL
& FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST,
MUMBAI, MAHARASHTRA |
B34879064 |
|
10 |
10339261 |
20/02/2012
* |
2,040,000,000.00 |
DBS
BANK LTD. |
ACTING
ON BEHALF OF DBS BANK LTD, SINGAPORE, 4A, |
B34409946 |
|
11 |
10346236 |
11/02/2012 |
1,000,000,000.00 |
IL
& FS TRUST COMPANY LIMITED |
IL
& FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA
EAST, MUMBAI, MAHARASHTRA |
B33879057 |
|
12 |
10325940 |
30/11/2011 |
655,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA -
400013, INDIA |
B28923985 |
|
13 |
10323765 |
30/11/2011 |
12,580,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA -
400013, INDIA |
B28086387 |
|
14 |
10320027 |
11/02/2012
* |
1,000,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
FLOOR-21,
CENTRE ONE BUILDING, WORLD TRADE CENTRE, CUFF PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
B33852377 |
|
15 |
10318823 |
09/07/2014
* |
1,000,000,000.00 |
STATE
BANK OF INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH ,2ND FLOOR, RELIANCE HOUSE,34 J.L .NEHRU ROAD, KOLKATA,
WEST BENGAL - 700071, INDIA |
C14689699 |
|
16 |
10318827 |
09/07/2014
* |
1,500,000,000.00 |
STATE
BANK OF INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH ,2ND FLOOR, RELIANCE HOUSE, 34 J.L .NEHRU ROAD,
KOLKATA, WEST BENGAL - 700071, INDIA |
C14691778 |
|
17 |
10316338 |
11/02/2012
* |
1,500,000,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA -
400013, INDIA |
B34414417 |
|
18 |
10315288 |
27/09/2011 |
18,780,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013,
INDIA |
B24388738 |
|
19 |
10315289 |
27/09/2011 |
1,540,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA -
400013, INDIA |
B24388860 |
|
20 |
10310227 |
11/02/2012
* |
1,240,000,000.00 |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMI |
HONGKONG
HOUSE, 31 B B D BAG, KOLKATA, WEST BENGAL - 700001, INDIA |
B34258244 |
|
21 |
10296370 |
11/02/2012
* |
1,000,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
FLOOR-21,
CENTRE ONE BUILDING, WORLD TRADE CENTRE, CUFF PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
B36509768 |
|
22 |
10292764 |
11/05/2011 |
9,090,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013,
INDIA |
B15205487 |
|
23 |
10289050 |
09/07/2014
* |
4,500,000,000.00 |
STATE
BANK OF INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH ,2ND FLOOR, RELIANCE HOUSE,34 J.L .NEHRU ROAD, KOLKATA,
WEST BENGAL - 700071, INDIA |
C14687305 |
|
24 |
10282249 |
11/02/2012
* |
400,000,000.00 |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMI |
HONGKONG
HOUSE, 31 B B D BAG, KOLKATA, WEST BENGAL - 700001, INDIA |
B34237198 |
|
25 |
10283412 |
09/07/2014
* |
1,000,000,000.00 |
STATE
BANK OF INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH, RELIANCE HOUSE, 2ND FLOOR, 34 JAWAHARLAL NEHRU ROAD,
KOLKATA, WEST BENGAL - 700071, INDIA |
C14692990 |
|
26 |
10270242 |
02/02/2011 |
4,188,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA -
400013, INDIA |
B07609365 |
|
27 |
10261637 |
17/12/2010 |
24,700,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA -
400013, INDIA |
B03993243 |
|
28 |
10261639 |
17/12/2010 |
12,350,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
B03994050 |
|
29 |
10256435 |
07/12/2010 |
10,860,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
B02212975 |
|
30 |
10231937 |
30/06/2010 |
5,220,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA -
400013, INDIA |
A91159871 |
|
31 |
10231938 |
30/06/2010 |
3,960,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA -
400013, INDIA |
A91160747 |
|
32 |
10227151 |
05/06/2010 |
1,305,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA -
400013, INDIA |
A89004261 |
|
33 |
10227153 |
31/05/2010 |
2,610,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA -
400013, INDIA |
A89007595 |
|
34 |
10205430 |
11/02/2012
* |
350,000,000.00 |
AXIS
BANK LIMITED |
CORPORATE
BANKING BRANCH (CBB), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA,
WEST BENGAL - 700071, INDIA |
B33984691 |
|
35 |
10209190 |
15/02/2010 |
12,870,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA -
400013, INDIA |
A82213810 |
|
36 |
10199019 |
11/02/2012
* |
500,000,000.00 |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMI |
HONGKONG
HOUSE, 31 B B D BAG, KOLKATA, WEST BENGAL - 700001, INDIA |
B34321513 |
|
37 |
10194120 |
19/11/2009 |
1,240,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
A76543156 |
|
38 |
10185029 |
03/10/2009 |
1,053,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA -
400013, INDIA |
A73054330 |
|
39 |
10185083 |
03/10/2009 |
1,053,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA -
400013, INDIA |
A73055352 |
|
40 |
10184618 |
20/09/2009 |
1,810,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
A72638349 |
|
41 |
10180988 |
20/09/2009 |
1,810,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
A71525042 |
|
42 |
10182839 |
20/09/2009 |
1,810,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
A72108558 |
|
43 |
10176173 |
17/09/2009
* |
250,000,000.00 |
IL
& FS TRUST COMPANY LIMITED |
IL
& FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST,
MUMBAI, MAHARASHTRA |
A70747001 |
|
44 |
10177607 |
14/09/2009 |
6,150,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA -
400013, INDIA |
A70324694 |
|
45 |
10177598 |
25/08/2009 |
1,230,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
A70323456 |
|
46 |
10177599 |
25/08/2009 |
1,230,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
A70323654 |
|
47 |
10177600 |
25/08/2009 |
1,230,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
A70323977 |
|
48 |
10177601 |
25/08/2009 |
1,230,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
A70324215 |
|
49 |
10177602 |
25/08/2009 |
1,230,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
A70324470 |
|
50 |
10166298 |
01/07/2009 |
1,220,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
A65500233 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans |
|
|
|
From Bank |
750.000 |
1000.000 |
|
From Others |
312.500 |
837.500 |
|
|
|
|
|
Deferred Payment Liabilities |
|
|
|
Sales Tax Deferment Loan |
134.278 |
156.443 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
From Bodies corporate |
0.000 |
645.000 |
|
|
|
|
|
Total |
1196.778 |
2638.943 |
MANAGEMENT DISCUSSION
AND ANALYSIS
The Indian economy which has slowed to 4-6% in past couple of years due to high inflation, lack of economic policy, and higher fiscal deficit is expected to rebound going forward. The historic victory at the election in favor of present ruling party hopefully will start the ball rolling on policy front. The Sensex which is known as barometer of economy is ruling at all time high and they are hopeful that economy will again move back to its older growth trajectory and will grow further. The container glass industry was facing double sword, on one side lower growth in end user segment and oversupply in the glass market and on the other hand rising prices of raw materials and fuel. The major end user liquor and beer growth has contracted from higher double digit to lower single digit in past two years. However with the hope of economic rebound they expect the end users will regain its growth rates and as a result glass Industry will also recover. The fundamental demand drivers are still intact and strong. They believe that the slowdown seen in last two years was temporary and the industry will emerge strongly.
Favorable macros to drive the demand :
1. Increasing urbanisation and higher disposable income to drive demand in the end user segments such as IMFL, Beer,
F&B, etc.
2. Low per capita container glass consumption in India provide tremendous growth opportunity
3. Attractive cost economics given the refillable nature of glass
LIQUOR AND BEER
• India is the 3rd largest liquor market in the world.
• One of the fastest growing markets in the world, on the back of demographics
and economy.
• Strong MNC presence with Diageo, Beam Global, Pernod Ricard, Heineken,
SABMiller, Carlsberg and more.
• The Beer market in India was valued at USD 4.13 Billion in 2013 and is
expected to reach USD 7.27 Billion by 2018, growing at a CAGR of 12%.
• Total sales in India were 2,248 Million litres in 2013 and are
expected to increase to 3,961 Million Litres by 2018.
There are 3 broad categories - IMFL (Indian Manufactured Foreign Liquor
which includes whiskey, rum, brandy, vodka & gin), Beer and Country Liquor
(cheaper, spiced liquor).Each of these segments has a volume of between 230-260
million cases per annum. Hence, the market is divided almost equally by volume.
However, the IMFL market is much larger in terms of value - by the sheer
difference in price per bottle. Hence, the IMFL market would be over 65% by
value and beer would be ~15% by value.
The overall retail market size of liquor is ~$35 billion per annum.
Overall growth of the market is ~8% per annum, mainly driven by IMFL and beer.
Country liquor is a slow growth (6-8%) market. Beer has been consistently
growing at over 15% per annum over the last few years.
• IMFL is dominated by Whiskey - Almost 54% of the IMFL market is
whiskey. India is the world's largest whiskey market. 7 Indian brands have made
it to top 20 selling brands by volume.
• Beer is dominated by Strong Beer - India has a distinct preference for
strong beer (8% alcohol v/v). Over 80% of the market is strong beer.
• Premieumization - On the back of growing income, there is a strong
trend of premieumization. All liquor companies are increasingly looking at
introducing better quality, more expensive brands in their portfolio.
• High Growth White Spirits - This is the fastest growing segment in
India. Vodka has emerged as the preferred liquor for the youth. Growth has been
at over 25% per annumover the last few years (albeit on a smaller base of ~4%
of IMFL market).
• Wine has seen high growth (25%) in India, with a very niche audience.
Although it is highly visible in the cities, the total market is just over 1
million cases. Sula, Four Seasons (UB Group) and Nine Hills (Pernod Ricard) are
the leading brands. Maharashtra and Karnataka are the two states with most of
the wineries as well as wine consumption. This is due to a preferential tax
structure in these states.
The Indian beer market is oligopolistic, with the top 2 brands
accounting for nearly80% of the volumes. The top 3 players are - United
Breweries (52% share), SAB Miller India (23% share) and Carlsberg India (7%
share). There are another 8-10 significant players in the $10 mn to $50 mn
revenue range. The main states for beer include Andhra Pradesh, Maharashtra,
Karnataka, Tamil Nadu and Delhi. Beer is seen as mostly an urban-youth drink
and has increasing social acceptance. Hence, the beverage has a universal
acceptance across the country.
The beer market is increasingly getting
attractive and it will double in size over the next 5 years to reach about 510
million cases primarily driven by following growth factors
1. Young population - India has amongst the youngest population in the
world. 60% of the population is under the age of 30. Further, over 50% of the
population is in the working age of 22-54.
2. Rapidly growing consumption - Beer is increasingly acceptable as a
social drink and the urban youth in particular favors it as the preferred
alcoholic beverage. Per capita consumption of beer is 1.5 litre and has been
growing at over 15% in the last few years.
3. Home grown brands - Even international giants like SAB Miller and
Carlsberg have not been able to grow their own brands significantly. SAB Miller
leveraged its acquired Indian brands like Haywards, Knock Out and Royal
Challenge to become a leader in the industry.
PHARMACEUTICALS
India's pharmaceutical sector will touch US$ 45 billion by 2020,
according to a major study by global management and consulting firm, McKinsey
& Company. The reasons for this optimism are well founded. In the period 2002-2012,
the country's healthcare sector grew three times in size, touching US$ 70
billion from US$ 23 billion. India's pharmaceutical market experienced a
similar boom, reaching US$ 18 billion in 2012 fromUS$6 billion in 2005. The
report further states that the Indian pharmaceutical market will be the sixth
largest in the world by 2020.
The Indian Pharma industry is on a good growth path and is likely to be
in the top 10global markets in value terms by 2020, according to the PwC-CII
report titled "India Pharma Inc: Gearing up for the next level of
growth". High burden of disease, good economic growth leading to higher
disposable incomes, improvements in healthcare infrastructure and improved
healthcare financing are driving growth in the domestic market, the report
highlighted.
The small and medium enterprises (SMEs) are expected to play a
significant role in the growth story of the country's Pharma sector as they
contribute 35-40 % to the industry in terms of production with a turnover of
about Rs 35,000 crore (US$ 5.70 billion).
Pharma which contributes around 8% of volume is expected to grow at a
healthy rate.
FOOD AND BEVERAGE
Food processing sector is an important segment of the economy,
constituting a share of around 9-10 per cent of gross domestic product (GDP) in
agriculture and manufacturing sector. Currently growing at more than 10 per
cent perannum, it is expected to touch US$ 194 billion by 2015 from a value of
US$ 121 billion in2012, according to Mr Swapan Dutta, Deputy Director General,
Indian Council of Agricultural Research (ICAR).
Packaged food industry is the fifth largest sector in India. The
industry is currently pegged at US$ 39.7 billion in India and is expected to
reach US$ 65.41 billion by 2020, owing to the rise in middle class income,
changing urban lifestyle and modern retail trade. Residents in urban areas are
the largest consumers of processed food, consuming 78% of all packaged food in
2011.
Food processing industries in India attracted foreign direct investments
(FDI) worth US$ 5,360.89 million during the period April 2000-January 2014,
according to the latest data published by Department of Industrial Policy and
Promotion (DIPP).
The Indian non-alcoholic beverages market is currently growing at 15 %
year-on-year(Y-O-Y). "As more people are trading up to packaged drinks,
consumption of non-alcoholic beverages in India is expected to increase by
16.5-19 % over the next three years," according to a report by the Indian
Council for Research on International Economic Relations (ICRIER) and the
Indian Beverage Association (IBA).
The MOFPI has formulated a Vision 2015 Action Plan that includes
trebling the size of the food processing industry, raising the level of
processing of perishables from 6 % to20 %, increasing value addition from 20 %
to 35 %, and enhancing India's share in global food trade from 1.5% to 3%.
Food and Beverage contributes 17% of volume and is expected to get a
boost due to rising growth & investment by end user Industries.
REVIEW
In this challenging economic environment, the
Company has reported total income of Rs 19034.900 Millions in F.Y. 2013-14
compared to Rs 183,233 Lakhs in F.Y. 2012-13. The Company recorded an EBITDA of
Rs 2643.600 Millions and a net loss of Rs 2181.800 Millions during the year.
Due to increase in price of major raw materials the performance of the Company
is severely affected. During the financial year the Company has implemented
cost optimisation initiatives which helped in containing inflationary impact to
some extent. Over the past few years, the glass industry witnessed capacity
addition which substantially increased the demand and supply gap and
consequently lowered capacity utilisation. They expect demand to increase which
will lead to recovery of Glass Industry.
During the current financial year the Company has
once again given major thrust on implementation of various cost saving
measures. Some of the main initiatives initiated during the financial year
2013-14 are as follows:
i. Development of alternate source and vendors for
procurement of raw materials;
ii. Optimising Raw Material and Power and Fuel
Cost;
iii. Increasing usage of cullet;
iv. Waste reduction;
v. Enforce quality checks
OUTLOOK
The Indian economy is expected to grow at 5% during the financial year 2014-15. Indian glass market is estimated to increase driven primarily by growth in end user market like Liquor, Beer and Food and Beverage segment. The Liquor and Beer market which has seen the entry of major MNC players like Diageo, Carlsberg, Mools and Cobra, etc. is expected to grow at double digit rate due to favorable demographic and high disposable income.
Though, the glass industry is facing competition from alternative mediums, but with the key properties such as inertness, transparency, recyclability, glass will be a dominant packaging medium for Liquor and Beverage segment. The use of glass is of critical importance in the present day when deteriorating environmental conditions have set alarm bells ringing for protection of environment in the interest of human health and well-being. There is an need for preservation and improvement of environment. Increase in use of glass will go a long way in surging ahead towards achieving this objective.
Growth drivers for
Glass Industry:
• Increasing population and low per capita consumption of glass
• Rising consumer awareness for Health
• Inertness
• Favourable demography and rising disposable income
• Growth in Packaging Industry
Challenges faced by
the Glass Industry :
• Increasing prices of the raw material
• High Power and Fuel Cost
MERGER OF GLASS
EQUIPMENT (INDIA) LIMITED (GEIL)
AND QUALITY MINERAL LIMITED (QML) WITH THE COMPANY
The Board of Directors of the Company has approved the proposal of merger of GEIL and QML, 100% subsidiaries of HNGIL with the Company.
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2014
(Rs. in Millions)
|
Particulars |
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
3 Months Ended |
Half Year Ended |
|
|
1. Income from operations |
|
|
|
|
a) Net sales/ Income from
operation (net of excise duty) |
4355.500 |
5045.300 |
9400.800 |
|
b) Other operating income |
60.300 |
34.000 |
94.300 |
|
Total income from Operations(net) |
4415.800 |
5079.300 |
9495.100 |
|
|
|
|
|
|
2.Expenses |
|
|
|
|
a) Cost of material consumed |
1587.100 |
1512.800 |
3099.900 |
|
b) Changes in inventories of
finished goods, work-in-progress and stock-in-trade |
(492.300) |
385.100 |
(107.200) |
|
c) Employees benefit expenses |
419.300 |
429.400 |
848.700 |
|
d) Power and Fuel |
1458.100 |
1466.900 |
2925.000 |
|
e) Depreciation and
Amortisation Expense |
665.000 |
637.200 |
1302.200 |
|
f) Other Expenses |
961.900 |
725.900 |
1687.800 |
|
Total
Expenses |
4599.100 |
5157.300 |
9756.400 |
|
|
|
|
|
|
3. Profit/ (Loss) from operations before other income, finance costs and exceptional items (1-2) |
(183.300) |
(78.000) |
(261.300) |
|
4. Other income |
299.500 |
259.400 |
558.900 |
|
5. Profit/ (Loss) from ordinary activities before finance costs and exceptional items (3+4) |
116.200 |
181.400 |
297.600 |
|
6. Finance costs |
642.700 |
635.900 |
1278.600 |
|
7. Profit/(loss)
from ordinary activities after finance costs but before exceptional
items (5-6) |
(526.500) |
(454.500) |
(981.000) |
|
8. Exceptional items |
-- |
-- |
-- |
|
9. Profit/ (Loss) from ordinary activities
before tax (7-8) |
(526.500) |
(454.500) |
(981.000) |
|
10.Tax expense |
-- |
-- |
-- |
|
11.Net Profit / (Loss)
from ordinary activities after tax (9-10) |
(526.500) |
(454.500) |
(981.000) |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
(526.500) |
(454.500) |
(981.000) |
|
14. Paid-up equity share
capital (Face Value of Rs. 2/- per share) |
174.700 |
174.700 |
174.700 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
16. Earnings per share (EPS) |
|
|
|
|
(i) Basic and Diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not be annualised) |
(6.03) |
(5.20) |
(11.23) |
|
(ii) Basic and Diluted EPS after extraordinary items for the period, for the year to date and for the previous year (not to be annualised) |
(6.03) |
(5.20) |
(11.23) |
|
17. (a) Debt Service Coverage Ratio (DSCR) |
-- |
-- |
0.67 |
|
(b) Interest Service Coverage Ratio (ISCR) |
-- |
-- |
1.09 |
|
|
|
|
|
PART II
|
PARTICULARS |
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
Unaudited |
Unaudited |
Unaudited |
|
|
3 Months Ended |
Half Year Ended |
||
|
A PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 Public shareholding |
|
|
|
|
- Number of shares |
26214725 |
26214725 |
26214725 |
|
- Percentage of shareholding |
30.02 |
30.02 |
30.02 |
|
2 Promoters and Promoter Group Shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of shares |
16576860 |
16576860 |
16576860 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
27.12 |
27.12 |
27.12 |
|
- Percentage of shares (as a % of the total share capital of the company) |
|
|
|
|
b) Non-encumbered |
|
|
|
|
- Number of shares |
44546980 |
44546980 |
44546980 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
72.88 |
72.88 |
72.88 |
|
- Percentage of shares (as a % of the total share capital of the company) |
51.00 |
51.00 |
51.00 |
|
PARTICULARS |
3 Months
Ended 30.09.2014 |
|
B. INVESTOR COMPLAINTS (Nos.) |
|
|
Pending
at the beginning of the quarter |
Nil |
|
Received
during the quarter |
-- |
|
Disposed
of during the quarter |
-- |
|
Remaining
unresolved at the end of the quarter |
Nil |
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
(Rs. in Millions)
|
PARTICULARS |
30.09.2014 |
|
A. EQUITY AND LIABILITIES |
|
|
1.
Shareholders Funds |
|
|
a] Share Capital |
174.700 |
|
b] Reserves and Surplus |
6117.200 |
|
Sub-Total –
Shareholders’ Funds |
6291.900 |
|
|
|
|
2. Non-current
Liabilities |
|
|
a] Long term Borrowings |
16126.100 |
|
b] Deferred Tax Liabilities (Net) |
-- |
|
c] Other current liabilities |
161.400 |
|
d] Long term provisions |
67.100 |
|
Sub-Total -
Non-Current Liabilities |
16354.600 |
|
|
|
|
3. Current Liabilities |
|
|
a] Short term Borrowings |
5197.600 |
|
b] Trade Payables |
3750.700 |
|
c] Other Current Liabilities |
5542.200 |
|
d] Short Term Provision |
540.200 |
|
Sub-Total - Current Liabilities |
15030.700 |
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
37677.200 |
|
|
|
|
B ASSETS |
|
|
1. Non-current assets |
|
|
a] Fixed assets |
25022.000 |
|
b] Non-current investment |
1229.500 |
|
c] long Term loans and Advances |
793.700 |
|
d] Other non-current assets |
13.600 |
|
Sub-Total – Non- Current Assets |
27058.800 |
|
|
|
|
2.
CURRENT ASSETS |
|
|
a) Inventories |
5392.200 |
|
b) Trade Receivables |
3368.200 |
|
c) Cash & Bank Balances |
167.400 |
|
d) Short Term loans and advances |
1667.200 |
|
c) Other Current Assets |
23.400 |
|
Sub-Total –
Current Assets |
10618.400 |
|
|
|
|
TOTAL - ASSETS |
37677.200 |
NOTE
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on November 12, 2014.
2. The Statutory Auditors have carried out a limited review of the financial
results for the quarter and half year ended September 30, 2014.
3. The Company operates mainly in one business segment, i.e. manufacturing and
selling of glass containers.
4. The Auditor's Report for the year ended 31st March, 2014, included a
qualification with regard to remuneration paid to managerial personnel. This
qualification which is stated below also has an impact on the results for the
current quarter.
Remuneration paid to Vice Chairmen and Managing Directors and Executive
Director amounting to Rs 13.687 Millions for the current quarter (Rs 13.550
Millions for the previous quarter) and Rs 15.237 Millions for year 2013-14,
which due to inadequacy of profit has exceeded the limits prescribed under the
provisions of Companies Act, 1956. The Company has made an application before
the Central Government and necessary approval in this respect is awaited.
With regard to remuneration to Vice Chairmen and Managing Directors of Rs.
27.350 Millions for the period from 1st October, 2012 to 31st
March, 2013, Rs 32.980 Millions for the year 1st April, 2013 to 31st
March, 2014 and remuneration to Executive Director of Rs 6.285 Millions for the
period from 1st March, 2013 to 31st March, 2014, which was subject
to approval of central government, such approval has since been received.
6. Other Income during the quarter ended 30th September, 2014 and 30th
June, 2014 includes profit of Rs. 282.269 Millions arising on sale of
2,17,80,000 equity shares in HNG Float Glass Limited, a Joint Venture Company
and Rs. 251.310 Millions arising on sale of a land, respectively.
7. During the quarter, depreciation has been provided as per schedule II of the
Companies Act, 2013 which has been made effective from 1st day of
April 2014. Accordingly, carrying amount of assets as on 31st March,
2014 have been depreciated over the remaining useful life of the assets
recomputed as above. Consequently, depreciation for the quarter and six months
period is higher by 62.198 Millions and Rs. 95.885 Millions respectively.
8. The Board of Directors of the company in its meeting held on May 20th, 2014,
had approved the scheme of Amalgamation of its wholly owned subsidiaries, Glass
Equipment India Limited and Quality Minerals Limited. The same is subject to
necessary approval which are awaited.
9. Previous year's / quarters figures have been re-arranged/ re-grouped
wherever necessary.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
(i) Guarantee furnished to bank on behalf of Subsidiaries |
4926.231 |
4348.785 |
|
(ii) Guarantee furnished to a bank on behalf of an entity over which directors of the Company have significant influence |
180.000 |
180.000 |
|
(iii) Sales Tax matter under appeals |
114.857 |
116.928 |
|
(iv) Excise Duty and Octroi demand issued against which the Company has preferred appeals and which in the opinion of the Management are not tenable. |
161.832 |
118.619 |
|
(v) Cases pending with Labour Courts (to the extent ascertainable) |
59.925 |
17.937 |
|
(vi) Claim for increased price of land acquired at Bahadurgarh by the then Punjab Government and given to the Company against which the claimants have preferred an appeal in the Supreme Court against the order of the High Court. |
0.030 |
0.030 |
|
(vii) Other Claims against the Company not acknowledged as debt. |
43.248 |
56.144 |
|
(viii) Octroi on Transportation of natural gas through pipeline. |
31.009 |
29.641 |
|
(ix) Local Area Development Tax Demand |
298.237 |
246.538 |
FIXED ASSETS
· Freehold Land
Leasehold
Land
Buildings
Leasehold
Buildings
Plant and
Equipments
Furniture
and Fixtures
Vehicles
Office
Equipments
Computer
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.61.74 |
|
|
1 |
Rs.94.65 |
|
Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.