MIRA
INFORM REPORT
|
Report No. : |
305626 |
|
Report Date : |
07.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
JASCH INDUSTRIES
LIMITED |
|
|
|
|
Registered
Office : |
43/5, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
11.12.1985 |
|
|
|
|
Com. Reg. No.: |
05-022758 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.113.300 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24302HR1985PLC022758 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELJ01886D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ0766B |
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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
: |
Manufacture and Exporter of PU Coated Fabrics, Electronic Gauge, Synthetic Leather, etc. |
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|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct and as per commitment. The company can be considered for business dealings at usual trade terms
and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
|
|
|
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB |
|
Rating Explanation |
Have moderate degree of safety and carry moderate
credit risk. |
|
Date |
23.10.2013 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A3+ |
|
Rating Explanation |
Have moderate degree of safety and carry
higher credit risk. |
|
Date |
23.10.2013 |
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 PARTED BY
|
Name : |
Mr. Om Prakash Garg |
|
Designation : |
Export Import Manager |
|
Contact No.: |
91-11-28723745 |
|
Date : |
06.02.2015 |
LOCATIONS
|
Registered Office/ Factory: |
43/5, |
|
Tel. No.: |
91-126-5431363/5423714/3053600 (100 lines) |
|
Fax No.: |
91-126-5435484/66173923 |
|
E-Mail : |
|
|
Website: |
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|
Location : |
Owned |
|
|
|
|
Corporate
Office : |
502, Block C, Ndm-2, |
|
Tel. No.: |
91-11-27356629/28723745/46/47/49 |
|
Fax No.: |
91-11-28723748/28723732 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Branch 1 : |
Jasch House,
Behind Khalsa Collage, 5105/01, Dev Nagar, Karol Bagh, |
|
|
|
|
Branch 2 : |
107, Shivlok House-II, Karampura Commercial Complex, |
|
|
|
|
Worldwide
local Office: |
Located At: ·
·
Europe and ·
·
· Sweden ·
·
· Indev Gauging Systems ·
Europe and · Accutrol Automation Systems Pty. Limited |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. J. K. Garg |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
68 years |
|
Qualification : |
Mechanical Engineer |
|
|
|
|
Name : |
Mr. Ramnik Garg |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
40 Years |
|
Qualification : |
B. Tech |
|
|
|
|
Name : |
Mr. Manish Garg |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
37 Years |
|
Qualification : |
M. Tech |
|
|
|
|
Name : |
Mr. Naveet Garg |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
35 Years |
|
Qualification : |
B. Tech |
|
|
|
|
Name : |
Mr. O. P. Garg |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
66 Years |
|
Qualification : |
B. Tech, MBA |
|
|
|
|
Name : |
Mr. Kamlesh Garg (MS) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. K.
Khandelwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. K. C. Varshney
|
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Ashok Mittal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kuldeep Singal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K L Khetarpaul |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Naresh Kumar IRS (RETD) |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S. K. Verma |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Om Prakash Garg |
|
Designation : |
Export Import Manager |
|
|
|
|
Name : |
Mr. M. Paliwal |
|
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 |
|
|
|
|
|
|
|
|
6240571 |
55.08 |
|
|
6240571 |
55.08 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
6240571 |
55.08 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1100 |
0.01 |
|
|
1890 |
0.02 |
|
|
2990 |
0.03 |
|
|
|
|
|
|
384979 |
3.40 |
|
|
|
|
|
|
2730511 |
24.10 |
|
|
1834862 |
16.19 |
|
|
136087 |
1.20 |
|
|
136087 |
1.20 |
|
|
5086439 |
44.89 |
|
Total Public shareholding (B) |
5089429 |
44.92 |
|
Total (A)+(B) |
11330000 |
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) |
11330000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Exporter of PU Coated Fabrics, Electronic Gauge, Synthetic Leather, etc. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
Vietnam ·
Bangladesh ·
Pakistan ·
Korea ·
China |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Italy ·
Germany ·
England ·
North America ·
South East ·
Aisa |
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Terms : |
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Selling : |
Cash, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS (As on 31.03.2012)
|
Particulars |
Unit |
Actual
Production |
|
Electronic Thickness Gauge (BTG) and Parts |
Nos. |
91 + 389 |
|
PU/PVC Leather Cloth (Coated Fabrics) |
Lakh Mtrs. |
24.40 |
|
Non-Woven |
Lakh Mtrs. |
1.47 |
|
Needle Loom Felt |
Lakh Mtrs. |
0.02 |
|
Cellular Plastic Sheets |
Lakh Mtrs. |
5.92 |
|
PU Resin & Adhesive |
Lakh Mtrs. |
0.55 |
|
Various Cut Pieces |
Lakh Mtrs. |
1.82 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturer
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No. of Employees : |
200 (Approximately) |
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Bankers : |
·
State Bank of India, Overseas Branch, Janpath,
New Delhi 110001, India
|
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Facilities : |
NOTE: LONG TERM
BORROWINGS · Term Loans From HDFC Bank Limited Secured by a first mortgage by deposit of title deeds of the Company's immovable properties both present and future ranking inter se and also personal guarantee of four directors. ·
Loans for Vehicles are secured by Hypothecation
of Respective Vehicle. SHORT TERM
BORROWINGS · Working Capital Loan from HDFC Bank Limited is Secured by Hypothecation of present and future stock of raw materials, stock-in-process, finished goods, consumables, stores and spares, book debts, receivables, claims, materials in transit and personal guarantee of four Directors. |
|
Auditors : |
|
|
Name : |
Arora and
Choudhary Associates Chartered
Accountants |
|
Address : |
8/28, W.E.A., |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
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|
Other subsidiary : |
Indev Gauging Systems, Inc. (WOS’s Subsidiary) |
|
|
|
|
Enterprises owned or significantly influenced by KMP, directors or
their relatives : |
Jasch Europa BVBA |
CAPITAL STRUCTURE
AS ON: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14000000 |
Equity Shares |
Rs.10/- each |
Rs.140.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11330000 |
Equity Shares |
Rs.10/- each |
Rs.113.300 Millions |
|
|
|
|
|
There has been no movement in the shares outstanding from the prior year
to the current year.
Terms / rights
attached to Equity Shares:
Company has only one class of equity shares having a par value of
Rs.10/-. Each holder of equity shares is
entitled to one vote per share. In the event of liquidation of the Company, the
holders of equity shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts. The distribution will be in proportion to the
number of equity shares held by the shareholders.
The details of
Shareholders holding more than 5% shares:
|
Name of the
Shareholder |
No. of Shares |
% held |
|
Mr. Jai Kishan Garg |
2394491 |
21.13 |
|
Ms. Kamlesh Garg |
605945 |
5.35 |
|
Mr. Manish Garg |
846349 |
7.47 |
|
Mr. Ramnik Garg |
793973 |
7.01 |
There were no instance of shares issued, on which there were any calls remaining
unpaid or instances of any forfeitures during the years ended March 31, 2014
and 2013.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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 |
113.300 |
113.300 |
113.300 |
|
(b) Reserves & Surplus |
168.491 |
149.389 |
131.259 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
281.791 |
262.689 |
244.559 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
43.102 |
53.205 |
70.034 |
|
(b) Deferred tax liabilities (Net) |
30.333 |
31.156 |
32.302 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
73.435 |
84.361 |
102.336 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
86.349 |
108.152 |
118.170 |
|
(b) Trade payables |
101.075 |
144.436 |
128.119 |
|
(c) Other current
liabilities |
77.904 |
76.526 |
72.502 |
|
(d) Short-term provisions |
9.491 |
5.739 |
14.389 |
|
Total Current Liabilities (4) |
274.819 |
334.853 |
333.180 |
|
|
|
|
|
|
TOTAL |
630.045 |
681.903 |
680.075 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
228.499 |
236.098 |
249.129 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
2.560 |
0.000 |
2.187 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
52.181 |
52.180 |
52.180 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.689 |
2.529 |
2.529 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
285.929 |
290.807 |
306.025 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2.109 |
1.480 |
1.480 |
|
(b) Inventories |
131.451 |
148.231 |
128.903 |
|
(c) Trade receivables |
186.950 |
208.656 |
207.755 |
|
(d) Cash and cash
equivalents |
12.738 |
15.670 |
13.613 |
|
(e) Short-term loans
and advances |
5.971 |
12.162 |
17.402 |
|
(f) Other current
assets |
4.897 |
4.897 |
4.897 |
|
Total Current Assets |
344.116 |
391.096 |
374.050 |
|
|
|
|
|
|
TOTAL |
630.045 |
681.903 |
680.075 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
877.227 |
805.075 |
783.668 |
|
|
|
Other Income |
2.916 |
2.105 |
4.945 |
|
|
|
TOTAL (A) |
880.143 |
807.180 |
788.613 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
609.850 |
589.402 |
566.056 |
|
|
|
Change in Inventories of Finished Goods & Stock-in-Process |
12.998 |
(15.031) |
(8.934) |
|
|
|
Employee Benefits Expense |
41.681 |
35.320 |
28.800 |
|
|
|
Other Expenses |
131.810 |
117.599 |
111.965 |
|
|
|
TOTAL (B) |
796.339 |
727.290 |
697.887 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
83.804 |
79.890 |
90.726 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.153 |
27.760 |
27.428 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
59.651 |
52.130 |
63.298 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.777 |
24.780 |
24.260 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
32.874 |
27.350 |
39.038 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13.772 |
9.220 |
10.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
19.102 |
18.130 |
28.895 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
146.389 |
128.259 |
99.364 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
165.491 |
146.389 |
128.259 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export of Goods |
|
|
|
|
|
|
1. Electronic Thickness Gauge |
|
|
|
|
|
|
(Earning in US$ 1398550) |
85.071 |
75.430 |
60.847 |
|
|
|
(Earning in EURO 179080) |
11.500 |
12.585 |
15.222 |
|
|
|
2.Synthetic Leather
& Allied Products |
|
|
|
|
|
|
(Earning in US$ 32672) |
1.515 |
1.799 |
1.623 |
|
|
TOTAL EARNINGS |
98.086 |
89.814 |
77.692 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material & Consumables |
NA |
229.563 |
226.651 |
|
|
|
Capital Goods |
NA |
1.829 |
0.498 |
|
|
TOTAL IMPORTS |
NA |
231.392 |
227.149 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.69 |
1.60 |
2.55 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2014 2 Quarter |
30.09.2014 1 Quarter |
|
Revenue |
|
205.900 |
224.800 |
|
Other Income |
|
0.200 |
0.100 |
|
Total Income |
|
206.000 |
224.900 |
|
Expenditure |
|
(185.500) |
(200.800) |
|
Interest |
|
(4.000) |
(5.800) |
|
PBDT |
|
16.600 |
18.300 |
|
Depreciation |
|
(6.900) |
(7.000) |
|
PBT |
|
9.700 |
11.300 |
|
Tax |
|
(3.200) |
(3.700) |
|
Net Profit |
|
6.600 |
7.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.18 |
2.25 |
3.69 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
9.55 |
9.92 |
11.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.71 |
4.34 |
6.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.10 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.46 |
0.61 |
0.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.17 |
1.12 |
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 |
113.300 |
113.300 |
113.300 |
|
Reserves & Surplus |
131.259 |
149.389 |
168.491 |
|
Net worth |
244.559 |
262.689 |
281.791 |
|
|
|
|
|
|
long-term borrowings |
70.034 |
53.205 |
43.102 |
|
Short term borrowings |
118.170 |
108.152 |
86.349 |
|
Total borrowings |
188.204 |
161.357 |
129.451 |
|
Debt/Equity ratio |
0.770 |
0.614 |
0.459 |
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 |
783.668 |
805.075 |
877.227 |
|
|
|
2.732 |
8.962 |
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 |
783.668 |
805.075 |
877.227 |
|
Profit |
28.895 |
18.130 |
19.102 |
|
|
3.69% |
2.25% |
2.18% |
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 |
|
47] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
UNSECURED LOAN:
|
Particular |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Long Term
Borrowings : |
|
|
|
Loan From Directors |
28.365 |
28.265 |
|
Total |
28.365 |
28.265 |
INDEX OF CHARGE:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10469224 |
14/03/2014 * |
360,175,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
C00325498 |
CONTINGENT
LIABILITIES:
Rs. In Millions
|
Particular |
31.03.2014 |
31.03.2013 |
|
(A) Claim against the company / disputed liabilities not acknowledged as debts |
0.000 |
0.000 |
|
B) Guarantees |
|
|
|
(I) Guarantees to Banks and Financial Institutions against credit facilities extended to third parties |
|
|
|
a) In Respect of Wholly Owned Subsidiary ($ 3 Lakh @54.39) |
18.030 |
16.317 |
|
b) In Respect of Others |
0.000 |
0.000 |
|
(ii) Performance Guarantees (Margin Money with Bank Rs.358.500 Millions) |
5.748 |
14.340 |
|
(iii) Outstanding guarantees furnished to Bank in respect of Letters of Credits (Margin Money with Bank Rs. 8.065 Millions) |
66.892 |
76.951 |
|
C) Other Money for which the company is contingently liable |
|
|
|
i) Liability in respect of bill discounted with bank |
0.000 |
0.000 |
|
ii) Liability in respect of Sales Tax surety for third parties |
0.800 |
0.800 |
PERFORMANCE DURING
THE YEAR:
The company has achieved gross sales of Rs. 975.599 Millions during 2013-2014 which were 8.84% higher as compared with the sales of previous year. The sales of Synthetic Leather Division at Rs. 715.272 Millions during 2013-14 were 5 % higher as compared with the sales of previous year. The sales of Electronic gauge Division at Rs. 260.328 Millions during the year were 20.88% higher as compared with the previous year. The Electronic gauge Division has achieved export of Rs. 96.571 Millions during the year as compared with export of Rs. 88.000 Millions during the previous year despite recessionary conditions in user industries in international market.
The company operating profit before interest, depreciation, income tax and deferred tax increased by 4.90% to Rs. 83.805 Millions during 2013-14 as compared with Rs. 79.890 Millions during the previous year, despite higher cost of power and fuel, salaries/wages, exchange loss due to Rupee depreciation and stagnant selling prices due to recession in the market.
The interest and finance charges decreased to Rs. 24.154 Millions (previous year Rs. 27.760 Millions) despite higher sales, due to effective working capital management. The gross profit before interest and depreciation has increased to Rs. 83.805 Millions which is 5% higher as compared to the previous year. After providing depreciation of Rs. 26.776 Millions and Provision for income tax of Rs. 14.595 Millions and writing back of deferred tax of Rs. 0.822 Millions the company has earned net profit of Rs. 19.102 Millions, which is 5.37% higher as compared with the net profit of Rs. 18.130 Millions in the previous year. Keeping in the view weak scenario in the economy resulting in stagnant sale realization and all around increase in the cost of inputs due to inflationary condition, the management considers overall performance to be satisfactory in a difficult year.
FUTURE PROSPECTS:
Market conditions for both PU/PVC Synthetic Leather and Electronic Gauge Division are tough due to difficult economic condition in both domestic and international market. Despite this the management has been able to maintain sales due to continuous Modernization and development of innovative products. The company has further widened its product range and geographical market reach and hence hopeful of better sales and profit in the current year.
MANAGEMENT DISCUSSION
& ANALYSIS REPORT:
INDUSTRY
STRUCTUREANDDEVELOPMENT:
Synthetic Leather Industry in India is badly fragmented and somewhat concentrated in Northern India & Western India. Most of the units are in small scale and unorganized sector manufacturing cheap quality products for small and unorganized sector. The Industry has not been able to achieve its full potential due to tough competition from imported material from China, Taiwan, Hong Kong & Korea, where there are very large units enjoying benefits of economies of scale. However, the company has been able to withstand competition from both domestic and abroad, as it is an integrated player with in-house manufacturing facility for PU Resin, which is main raw materials for PU coated Fabrics. Further, the company is continuously upgrading its technology and modernizing plant & machinery to maintain competitive edge in the market and hence despite tough competition in the market, its sales are growing every year. The company is now concentrating on PU Synthetic Leather where competition is somewhat less.
STATEMENT OF STANDALONE UNAUDITED
FINANCIAL RESULTS
FOR THE QUARTER ENDED 31.12.2014
Rs. In Millions
|
Sr. no |
Particulars |
Quarter Ended |
Nine Months
Ended |
|
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
Income from
Operations |
|
|
|
|
|
(a) Net Sales/income from operations (Net of excise duty) |
241.017 |
224.368 |
670.502 |
|
|
(b) Other operating income |
0.408 |
0.453 |
1.612 |
|
|
Total income
from operations (net) |
241.425 |
224.821 |
672.114 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
169.209 |
157.673 |
472.099 |
|
|
(b) Purchase of Stock-in-trade |
- |
- |
- |
|
|
(c) Change in inventories of finished goods, work-in-progress and
stock-in-trade |
3.598 |
(3.659) |
0.897 |
|
|
(d) Employee benefits expense |
13.920 |
15.900 |
41.193 |
|
|
(f) Depreciation & amortization expenses |
5.093 |
6.964 |
18.920 |
|
|
(g) Power and Fuel |
11.548 |
11.909 |
34.219 |
|
|
(f) Other expenses |
21.946 |
18.964 |
58.052 |
|
|
Total Expenses |
225.314 |
207.751 |
625.380 |
|
3 |
Profit / (Loss) from operations before other income, finance costs and
exceptional item (1 - 2) |
16.111 |
17.070 |
456.734 |
|
4 |
Other income |
1.124 |
0.093 |
1.364 |
|
5 |
Profit / (Loss) from ordinary activities before finance costs and
exceptional items (3 + 4) |
17.235 |
17.163 |
48.098 |
|
6 |
Finance Costs |
5.491 |
5.842 |
15.316 |
|
7 |
Profit / (Loss) from ordinary activities after finance costs but
before exceptional item (5 - 6) |
11.744 |
11.321 |
32.782 |
|
8 |
Exceptional Items |
- |
- |
- |
|
9 |
Profit / (Loss) from ordinary activities before tax (7 + 8) |
11.744 |
11.321 |
32.782 |
|
10 |
Tax Expense |
3.810 |
3.710 |
10.672 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9- 10) |
7.934 |
7.611 |
22.110 |
|
12 |
Extraordinary items (net of tax expense Rs. -Millions) |
- |
- |
- |
|
13 |
Net Profit / (Loss) for the period (11 - 12) |
7.934 |
7.611 |
22.110 |
|
14 |
Share of profit / (loss) of associates |
- |
- |
- |
|
15 |
Minority interest |
- |
- |
- |
|
16 |
Net Profit / (Loss) after taxes, minority interest and share of profit
/ (loss) of associates (13 - 14 - 15) |
7.934 |
7.611 |
22.110 |
|
17 |
Paid-up equity share capital (Face value of the Share shall be
indicated) |
113.300 |
113.300 |
113.300 |
|
18 |
Reserve excluding Revaluation Reserves as per balance sheet of previous
accounting year |
190.600 |
182.667 |
190.600 |
SELECT INFORMATION FOR THE QUARTER
ENDED 31.12.2014
Rs. In Millions
|
|
Particulars |
Quarter Ended |
Year Ended |
|
|
31.12.2014 |
30.09.2014 |
|
|
A |
PARTICULARS OF
SHARE HOLDING |
|
|
|
1 |
Public shareholding |
|
|
|
|
- Number of Shares |
5089429 |
5110903 |
|
|
- Percentage of shareholding |
44.92 |
45.11 |
|
|
Promoters and Promoter Group Shareholding |
|
|
|
|
a) Pledged / Encumbered |
Nil |
Nil |
|
|
b) Non –encumbered Number of shares |
6240571 |
6219097 |
|
|
- Percentage of shares (as a % of the total shareholding or promoter and promoter group) |
100.00 |
100.00 |
|
|
- Percentage of share (as a % of total share capital of the company) |
55.08 |
54.89 |
Rs. In Millions
SEGMENTWISE REPORTING OF REVENUE, RESULTS AND CAPITAL EMPLOYED
FOR THE PERIOD ENDED ON 31.12.2014
Rs. In Millions
|
Sr. No. |
Particulars |
Un-audited Financial Results |
||
|
For the Quarter Ended |
Year Ended |
|||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
1 |
Segment Revenue |
|
|
|
|
|
a) Electronic Thickness Gauge (BTG) |
57.369 |
45.381 |
144.365 |
|
|
b) Synthetic Leather & Allied Products |
213.482 |
206.814 |
609.530 |
|
|
Sub Total |
270.851 |
252.195 |
753.895 |
|
|
Less : Inter-segment Revenue/E. Duty |
28.302 |
27.281 |
80.417 |
|
|
Net Sales / Income
From Operations |
242.549 |
224.914 |
673.478 |
|
2 |
Segment Results (Profit (+)/Loss
(-) before Tax and Interest |
|
|
|
|
|
a) Electronic Thickness Gauge (BTG) |
8.666 |
7.204 |
22.509 |
|
|
b) Synthetic Leather & Allied Products |
8.569 |
9.959 |
25.589 |
|
|
Sub Total |
17.235 |
17.163 |
48.098 |
|
|
Less : (i) Interest |
5.491 |
5.842 |
15.316 |
|
|
(ii) Other un-allocable expenditure |
|
|
|
|
|
Total Profit Before
Tax |
11.744 |
11.321 |
32.782 |
|
3 |
Capital Employed (Segment
Assets-Segment Liabilities) |
|
|
|
|
|
a) Electronic Thickness Gauge (BTG) |
54.911 |
57.811 |
54.911 |
|
|
b) Synthetic Leather & Allied Products |
351.780 |
341.079 |
351.780 |
|
|
Total Capital Employed |
406.691 |
398.890 |
406.691 |
Notes:
1. Figures of previous year/period have been regrouped wherever necessary.
2. After a limited review by Independent Statutory Auditors of the Company, the above results were reviewed by the Audit Committee and approved at the Board Meeting held on 02nd February, 2015.
3. None of the promoters’ shares are pledged or otherwise encumbered
4. No investor complaint was received or resolved by the end of the Quarter and none was pending.
5. The Auditors have carried out a limited review of the above results.
FIXED ASSETS:
·
Land
·
Building
·
Furniture and Fittings
·
Plant and Machinery
·
Vehicles.
·
Fire Fighting
·
Equipments
·
Air Conditioners
·
Computers
·
Generator Set
·
Office Appliances
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.61.74 |
|
|
1 |
Rs.94.65 |
|
Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
|
Information Gathered
by : |
DPA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.