MIRA INFORM REPORT

 

 

Report No. :

307679

Report Date :

17.02.2015

 

IDENTIFICATION DETAILS

 

Name :

ASIAN GRANITO INDIA LIMITED

 

 

Formerly Known As :

VASUDEV TEXTILE INDUSTRIES LIMITED

 

 

Registered Office :

202, Dev Arc Opposite Iskon Temple, Ahemdabad – 380 059, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

08.08.1995

 

 

Capital Investment / Paid-up Capital :

Rs.225.825 Millions

 

 

Com. Reg. No.:

04-027025

 

 

CIN No.:

[Company Identification No.]

L17110GJ1995PLC027025

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMA02836B

 

 

PAN No.:

[Permanent Account No.]

AABCV3835E

 

 

Legal Form :

A public limited liability company.  The company’s shares are listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer and Exporter of Verified Tiles, Porcelano Tiles, Rustico Tiles, Vitro Tiles etc.

 

 

No. of Employees :

2030 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (54)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a well-established company having fine track record.

 

The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and fair profitability margins of the company.

 

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

 

The company can be considered good for normal 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

ICRA

Rating

Commercial Paper Programme (SO) A1+

Rating Explanation

Very strong degree and carry lowest credit risk.

Date

November 2014

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Sneha

Designation :

Export Executive

Contact No.:

91-79-66125500

Date :

11.02.2015

 

 

LOCATIONS

 

Registered/ Corporate Office :

202, Dev Arc Opposite Iskon Temple, Ahemdabad – 380 059, Gujarat, India

Tel. No.:

91-79-66125500/ 799/ 798

Mobile No.:

91-98250802651/ 9825041467 (Mr. Bhavesh Patel)

Fax No.:

91-79-66125600/ 700

E-Mail :

info@asiangranito.com

cs@asiangrantio.com

Website :

www.asiangranito.com

Location :

Owned

 

 

Corporate Office :

City Mall, 2nd Floor, Sarkhej- Gandhinagar Highway Road, Ahmedabad – 380 054, Gujarat, India

 

 

Factory 1 :

Ceramic Zone-Dalpur, Tal. Prantij-383 120, Dist. Sabarkantha, Gujarat, India

Tel. No.:

91-2770-240931/ 32/ 33/ 34

Fax No.:

91-2770-240988/ 30

E-Mail :

vp@asiangranito.com

Area :

230000 sq mtr

 

 

Factory 2:

Behind Sardar Plant, Idar.

 

 

Branch Office :

Located at:

 

·         Ahmedabad

·         Mumbai

·         Delhi

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Kamleshbhai Patel

Designation :

Chairman cum Managing Director

 

 

Name :

Mr. Mukeshbhai Patel

Designation :

Managing Director

 

 

Name :

Mr. Sureshbhai Patel

Designation :

Director

 

 

Name :

Mr. Bhaveshbhai Patel

Designation :

Director

 

 

Name :

Mr. Kanubhai Patel

Designation :

Director

 

 

Name :

Mr. Bhogibhai Patel

Designation :

Director

 

 

Name :

Mr. Maganlal Prajapati

Designation :

Director

 

 

Name :

Mr. Shankarlal Patel

Designation :

Director

 

 

Name :

Mr. Ajendrakumar Patel

Designation :

Director

 

 

Name :

Mr. Amrutbhai Patel

Designation :

Director

 

 

Name :

Mr. Premjibhai Chaudhari

Designation :

Director

 

 

Name :

Dr. Indira Nityanandam

Designation :

Independent Director

 

 

Name :

Mr. Kalidas J. Patel

Designation :

Independent Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Sneha

Designation :

Export Executive

 

 

Name :

Ms. Renuka A. Upadhayay

Designation :

Company Secretary

 

 

AUDIT COMMITTEE:

 

 

Name :

Mr. Maganlal Prajapati

Designation :

Chairman

 

 

Name :

Mr. Amrutbhai Patel M

Designation :

Member

 

 

Name :

Mr. Kamleshbhai Patel

Designation :

Member

 

 

REMUNERATION COMMITTEE:

 

 

Name :

Mr. Maganlal Prajapati

Designation :

Chairman

 

 

Name :

Mr. Ajendrabhai Patel

Designation :

Member

 

 

Name :

Mr. Shankarlal Patel

Designation :

Member

 

 

SHAREHOLDERS’ GRIEVANCE COMMITTEE:

 

Name :

Mr. Maganlal Prajapati

Designation :

Chairman

 

 

Name :

Mr. Kamleshbhai Patel

Designation :

Member

 

 

Name :

Mr. Amrutbhai Patel M

Designation :

Member

 

 

Corporate Social Responsibility Committee:

 

 

 

Name :

Dr. Indira Nityanandam

Designation :

Chairperson

 

 

Name :

Mr. Kamleshbhai Patel

Designation :

Member

 

 

Name :

Mr. Mukeshbhai Patel

Designation :

Member

 

 

Key Technical Persons:

 

 

 

Name :

Mr. B. G. Pattanshetty

Designation :

General Manager (Vitrified Tiles)

 

 

Name :

Mr. K. N. Reddy

Designation :

General Manager (Wall Tiles)

 

 

Name :

Mr. Arvind Kumar

Designation :

Technical Advisor

 

 

Name :

Mr. S. S. Goriya

Designation :

Deputy General Manager (R&D)

 

 

Name :

Mr. Manoj Chaturvedi

Designation :

Production Manager (Marble)

 

 

Key Professional Persons:

 

 

 

Name :

Mr. B. G. Vyas

Designation :

Chief Operating Officer

 

 

Name :

Mr. B. M. Singhal

Designation :

Sr. Vice President (Marble)

 

 

Name :

CA Arvind Bansal

Designation :

General Manager (Finance and Commercial)

 

 

Name :

Mr. Akhilesh Upadhyay

Designation :

General Manager (Corporate HR and Administration)

 

 

Name :

Mr. Kapil Saini

Designation :

Deputy General Manager (Marketing)

 

 

Name :

Dr. Dhruti Trivedi (CS) M

Designation :

Manager (Legal)

 

 

Name :

CA Niraj Thakore

Designation :

Internal Auditor

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2014

 

Category of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

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

 

 

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

8472608

37.52

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

8472608

37.52

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

 

 

Total shareholding of Promoter and Promoter Group (A)

8472608

37.52

(B) Public Shareholding

 

 

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

 

 

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

829176

3.67

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

0

0.00

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

829176

3.67

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

 

 

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

2783517

12.33

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

 

 

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

2242700

9.93

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

7484531

33.14

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

770009

3.41

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

309722

1.37

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

460287

2.04

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

13280757

58.81

Total Public shareholding (B)

14109933

62.48

Total (A)+(B)

22582541

100.00

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

0

0.00

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

0

0.00

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

0

0.00

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

0

0.00

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

22582541

0.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Verified Tiles, Porcelano Tiles, Rustico Tiles, Vitro Tiles etc.

 

 

Products :
  • Verified Tiles
  • Porcelano Tiles
  • Rustico Tiles
  • Vitro Tiles etc.

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

 

Products :

Finished Goods

Countries :

·         South Africa

·         Taiwan

·         UAE

·         Germany

·         Korea

·         Kenya

·         Tanzania

·         Brazil

·         Argentina

 

 

Imports :

 

Products :

·         Raw Materials

Countries :

·         South Africa

·         Dubai

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :
  • Wholesalers
  • Retailers
  • Manufacturer

 

Reference :

T Naturstone Import, Germany

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

2030 (Approximately)

 

 

Bankers :

·         State Bank of India, Commercial Branch, Ahmedabad, Gujarat, India

·         HDFC Bank, Navrangpura Branch, Ahmedabad, Gujarat, India

·         IDBI Bank, Ellisbridge Branch, Ahmedabad, Gujarat, India

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

Long-term Borrowings

 

 

Term Loan – Rupee

57.740

124.022

Term Loan - Foreign Currency

6.274

13.136

Term Loan - Buyers Credit

123.899

191.111

Vehicle Loans

10.273

9.035

Short-term borrowings

 

 

Rupees Loan

1932.998

1620.940

Foreign Currency Loan – FCNR

0.000

140.607

Foreign Currency Loan - Buyers Credit

16.950

170.405

Total

2148.134

2269.256

 

NOTE:

 

Term Loan Rs.181.639 Millions are secured by way of First Pari Passu charge over the movable and immovable properties of the Company situated at Block No.160, 147A paiki, 162 at village Dalpur, Taluka-Prantij, Dist: Sabarkantha, Gujarat, over the movable assets including Plant and Machineries situated at Survey No.16 (paiki) Village: Jawanpura, Tal: Idar, Dist: Sabarkantha, Gujarat and over the One Wind Mill No.V-20 at survey No.204/1, Paiki, Village Vanku, Tal: Abdasa, Dist: Kutch, Gujarat AND Second Pari passu charge over entire current assets situated at Block No.160, 147A paiki, 162 at village Dalpur, Taluka-Prantij, Dist: Sabarkantha, Gujarat and over entire current assets situated at Survey No.16 (paiki) Village: Jawanpura, Tal: Idar, Dist: Sabarkantha, Gujarat.

 

Term Loan Rs.6.274 Millions are secured by way of First Charge on all current assets and fixed assets including movable assets of the Agro Tech Division of the Company situated at Block No.533 at Village Dalpur, Taluka: Prantij, Dist: Sabarkantha, Gujarat.

 

Vehicle loans are secured by hypothecation of vehicles in favour of Bank.

 

Working capital loans are secured by hypothecation of present and future stock of Raw Materials,Stock in Process, Semi-finished goods, stores and spares and Book debts, receivables And second Pari Passu charge over entire movable assets and Immovable Properties of the Company situated at Block No.160, 147A paiki, 162 at village Dalpur, Taluka-Prantij, Dist: Sabarkantha, Gujarat (Vitrified/Wall /Marble Division) And Survey No.16 (paiki), Village: Jawanpura, Taluka: Idar, Dist: Sabarkantha, Gujarat (Ceramic

Division).

 

Bill Discounting Limit is guaranteed by Directors of the Company.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

A.L. Thakkar and Company

Chartered Accountants

Address :

Kashmira Chambers, 1st Floor, Behind Old High Court, NAvrangpura, Ahmedabad - 380009, Gujarat, India

Tel No.:

91-79-26587802/26580524/26408439

Fax No.:

91-79-26585132

Email:

aseenthakkar@gmail.com

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiaries
  • AGL Industries Limited

 

 

Associates:
  • Amazon Ceramics Limited
  • AGL Infrabuild Private Limited
  • Affil Vitrified Private Limited
  • Asian Institute of Technology
  • AGL Panaria Private Limited
  • AGL Marketing LLP

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

31250000

Equity Shares

Rs.10/- each

Rs.312.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

22582541

Equity Shares

Rs.10/- each

Rs.225.825 Millions

 

 

 

 

 

·         Details of equity shares held by shareholders holding more than 5% shares:

 

Name of Shareholder

Number of Shares

% holding

Mukeshbhai Jivabhai Patel

1,715,619

7.60

Kamleshbhai Bhagubhai Patel

2,438,768

10.80

 

·         The reconciliation of the number of shares outstanding is set out below:

 

Equity Shares

Number of Shares

Equity Shares at the beginning of the year

21061291

Add : Preferential Equity Shares issued during the year

421250

Less : Shares bought back during the year

--

Equity Shares at the end of the year

22582541

 

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

225.825

221.613

210.613

(b) Reserves & Surplus

2577.620

2399.084

2185.231

(c) Money received against share warrants

0.000

25.531

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

2803.445

2646.228

2395.844

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

198.186

337.304

411.934

(b) Deferred tax liabilities (Net)

166.031

154.678

158.931

(c) Other long term liabilities

77.899

62.927

56.512

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

442.116

554.909

627.377

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2282.384

2031.888

1380.793

(b) Trade payables

1037.485

914.986

646.068

(c) Other current liabilities

244.275

295.496

277.178

(d) Short-term provisions

41.703

40.548

56.625

Total Current Liabilities (4)

3605.847

3282.918

2360.664

 

 

 

 

TOTAL

6851.408

6484.055

5383.885

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1773.053

1735.962

1848.840

(ii) Intangible Assets

0.275

0.275

0.550

(iii) Capital work-in-progress

71.584

27.502

0.681

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

197.864

180.499

30.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

494.540

458.998

194.729

(e) Other Non-current assets

21.276

0.000

1.667

Total Non-Current Assets

2558.592

2403.236

2076.467

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

2049.666

1903.899

1595.180

(c) Trade receivables

1859.846

1698.818

1295.639

(d) Cash and cash equivalents

181.183

290.605

253.714

(e) Short-term loans and advances

186.707

185.830

158.970

(f) Other current assets

15.414

1.667

3.915

Total Current Assets

4292.816

4080.819

3307.418

 

 

 

 

TOTAL

6851.408

6484.055

5383.885

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

7591.397

7083.565

6237.95

 

Other Income

13.038

24.383

25.226

 

TOTAL (A)

7604.435

7107.948

6263.176

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

1861.576

1951.329

1834.253

 

Purchase of Stock-in-trade

2752.447

2093.443

1636.671

 

Changes in Inventories of finished goods, work-in-progress and stock-in-trade

81.325

(260.603)

(248.854)

 

Employee Benefits Expenses

374.711

363.406

306.888

 

Power and Fuels

1163.231

1232.605

1106.129

 

Other Expenses

720.200

1004.946

935.564

 

TOTAL (B)

6953.490

6385.126

5570.651

 

 

 

 

 

Less

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

650.945

722.822

692.525

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

209.975

252.100

203.497

 

 

 

 

 

 

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

440.970

470.722

489.028

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

216.002

216.890

218.886

 

 

 

 

 

 

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

224.968

253.832

270.142

 

 

 

 

 

Less

TAX (I)

83.548

82.746

89.603

 

 

 

 

 

 

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

141.420

171.086

180.539

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1595.634

1425.781

1269.720

 

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

Proposed Dividend on Equity Shares

0.000

1.060

21.061

 

Corporate Tax on Dividend Equity Shares

0.000

0.173

3.417

 

Balance Carried to the B/S

1757.300

1595.634

1425.781

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

NA

233.747

141.760

 

TOTAL EARNINGS

NA

233.747

141.760

 

 

 

 

 

 

IMPORTS

 

 

 

 

Purchase of Capital Goods

1.544

52.923

91.343

 

Stores & Spares

58.487

71.765

84.753

 

Raw Materials

89.356

108.058

70.933

 

Finish Goods

127.870

248.754

312.385

 

Semi Finish Marble

255.624

0.000

0.000

 

Others Design Materials

0.229

2.916

1.191

 

TOTAL IMPORTS

533.110

484.416

560.605

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

6.34

7.74

8.57

 

 

QUARTERLY RESULTS

 

Particulars

 

30.06.2014

(Unaudited)

30.09.2014

(Unaudited)

31.12.2014

(Unaudited)

 

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

1762.400

2153.500

1947.400

Total Expenditure

1592.800

1978.200

1806.200

PBIDT (Excl OI)

169.600

175.300

141.200

Other Income

3.000

1.900

3.900

Operating Profit

172.700

177.300

145.100

Interest

60.800

55.500

44.700

Exceptional Items

0.000

0.000

0.000

PBDT

111.900

121.800

100.400

Depreciation

64.000

64.900

60.500

Profit Before Tax

47.800

56.800

40.000

Tax

14.300

17.300

11.900

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

33.500

39.500

28.100

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

33.500

39.500

28.100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

1.86

2.42

2.89

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

8.57

10.20

11.10

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.42

4.04

5.05

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.08

0.10

0.11

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.88

0.90

0.75

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.19

1.24

1.40

 

 

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

210.613

221.613

225.825

Reserves & Surplus

2185.231

2399.084

2577.620

Net worth

2395.844

2620.697

2803.445

 

 

 

 

long-term borrowings

411.934

337.304

198.186

Short term borrowings

1380.793

2031.888

2282.384

Total borrowings

1792.727

2369.192

2480.570

Debt/Equity ratio

0.748

0.904

0.885

 

 

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

6237.950

7083.565

7591.397

 

 

13.556

7.169

 

 

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

6237.950

7083.565

7591.397

Profit

180.539

171.086

141.420

 

2.89%

2.42%

1.86%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

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

No

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

Yes

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

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

CIVIL APPLICATION No. 381 of 2014

In STAMP NUMBER / 1400 / 2014 ( RE-STORED )

 

Status : PENDING

( Converted from : O/ST/1406/2014 )

CCIN No : 001073201400381

 

Next Listing Date:

25/02/2015

Coram

·         HONOURABLE MR.JUSTICE JAYANT PATEL

·         HONOURABLE MR.JUSTICE S.H.VORA

S.NO.

Name of the Petitioner

Advocate On Record

 

1

STATE OF GUJARAT

GOVERNMENT PLEADER for: Applicant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

S.NO.

Name of the Respondant

Advocate On Record

 

1

ASIAN GRANITO (INDIA) LTD

MR. SHAIL S SHAH for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

 

 

Presented On

: 09/06/2014

Registered On

: 22/07/2014

 

Bench Category

: -

District

: SABARKANTHA

 

Case Originated From

: THROUGH STATE

Listed

: 17 times

 

StageName

: ADJOURNED MATTERS

 

 

Office Objection

Filing Stage
Filing Stage

·         WHETHER THE MEMO OF PETITION/APPEAL IS SIGNED ?

·         BLANKS IN MEMO

 

Classification
  • DB - CIVIL APPLICATION - LIMITATION ACT, 1963 - CONDONATION OF DELAY

Act
  • LIMITATION ACT, 1963

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

09/06/2014

APPEARANCE NOTE

GOVERNMENT PLEADER
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

0

GOVERNMENT PLEADER(1) for P:1

2

09/06/2014

MEMO OF APPEAL/PETITION/SUIT

GOVERNMENT PLEADER
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

20

GOVERNMENT PLEADER(1), for P:1

3

05/11/2014

VAKALATNAMA

UCHIT N SHETH ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

5

UCHIT N SHETH(7336) for R:1

4

20/11/2014

VAKALATNAMA

MR. SHAIL S SHAH ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

5

MR. SHAIL S SHAH(6724) for R:1

Linked Matters

 

S. No.

CaseDetail

Status Name

Disposal Date

Action/Coram

1

STAMP NUMBER/1400/2014

RE-STORED

-

-

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE K.J.THAKER

2

STAMP NUMBER/1407/2014

DISPOSED

10/10/2014

DISMISSED @ ADM.STAGE

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

23/07/2014

33

FOR OFFICE OBJECTION

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE K.J.THAKER

2

05/08/2014

6

24

FOR ORDERS

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE K.J.THAKER

3

25/09/2014

5

-

undefined

·         HONOURABLE MR.JUSTICE K.J.THAKER

4

10/10/2014

6

12

ADMISSION (FRESH MATTERS)

FIXED RULE / ADMIT

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

5

07/11/2014

6

30

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

6

05/12/2014

6

19

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

7

11/12/2014

6

41

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

8

18/12/2014

6

25

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

9

12/01/2015

3

8

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI

·         HONOURABLE MR.JUSTICE JAYANT PATEL and HONOURABLE MR.JUSTICE AKIL KURESHI and HONOURABLE MR.JUSTICE S.H.VORA and HONOURABLE MR.JUSTICE R.P.DHOLARIA and HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

10

13/01/2015

3

117

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE JAYANT PATEL

·         HONOURABLE MR.JUSTICE S.H.VORA

11

21/01/2015

3

10

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE JAYANT PATEL

·         HONOURABLE MR.JUSTICE S.H.VORA

12

28/01/2015

3

12

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE JAYANT PATEL

·         HONOURABLE MR.JUSTICE S.H.VORA

13

04/02/2015

3

18

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE JAYANT PATEL

·         HONOURABLE MR.JUSTICE S.H.VORA

14

09/02/2015

3

45

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE JAYANT PATEL

·         HONOURABLE MR.JUSTICE S.H.VORA

15

13/02/2015

3

11

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE JAYANT PATEL

·         HONOURABLE MR.JUSTICE S.H.VORA

16

16/02/2015

3

17

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE JAYANT PATEL

·         HONOURABLE MR.JUSTICE S.H.VORA

17

25/02/2015

3

-

ADJOURNED MATTERS

·         HONOURABLE MR.JUSTICE JAYANT PATEL

·         HONOURABLE MR.JUSTICE S.H.VORA

Available Orders

 

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

CIVIL APPLICATION/381/2014

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE K.J.THAKER

23/07/2014

N

ORDER

-

Y

2

CIVIL APPLICATION/381/2014

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE K.J.THAKER

05/08/2014

N

ORDER

-

Y

3

CIVIL APPLICATION/381/2014

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

10/10/2014

N

ORDER

-

Y

4

CIVIL APPLICATION/540/2014

·         HONOURABLE MR.JUSTICE JAYANT PATEL

·         HONOURABLE MR.JUSTICE S.H.VORA

13/01/2015

N

ORDER

-

Y

 

OPERATIONS:

 

The sales and other income of the Company increased to Rs.7604.435 Millions as compared to Rs.7107.948 Millions in last year, registering a growth of 6.98%. However, during the year, profit of the Company has been affected by adverse market condition. During the year, the Company has extended its customer base by launching new product range.

 

The Directors are trying to achieve better results in time to come and to keep the position of market leader in the coming years.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

ECONOMIC OVERVIEW

 

Global economy: The global economy remain subdued as global GDP growth decelerated for the third year –3.9% in 2011 to 3.1% in 2012 and 3% in 2013. Most developed economies addressed the reality through appropriate remedial fiscal policy action. Besides, a number of emerging economies, which had already experienced a debilitating slowdown in the past two years, encountered new domestic and international headwinds during this period.

 

Indian economy: Even as India evolved into an open-market economy, legacy influences remained. In the last three years, Indian economy slowed following a deliberately tight monetary policy to counter inflation, which resulted in investment decline, investor pessimism, increased fuel subsidy expenditure (arising out of higher crude prices), rising fiscal deficit and worsening current account deficit. This reality was reflected in the second year of sub-5% GDP growth as the Indian economy grew by about 4.7% in 2013-14.

 

INDIAN TILE INDUSTRY

 

India ranks amongst the top three countries in terms of tile production and consumption of tiles. The size of the Indian tile industry was estimated at H18,000 crore as on FY12. Despite a slowdown in the economy, demand for tiles continued to grow at a healthy 13% with organised players growing at a rate of 15-16%. The sectoral potential is large due to increasing urbanisation, growth in property development and the housing sector, as well as a low per capita consumption of tiles in India at 0.5 square metres. Chinese per capita consumption stands at 2.6 square metres.

 

India’s production in FY12 stood at 691 million square metres which was 6.2% of the worldwide production of 11,166 million square metres. China was the leader in this segment with a production of 5,200 million square metres (47% of the total global production) (Source: Ceramic World Review). Global consumption during the period stood at 10,912 million square metres, of which 6.24% (681 million square metres) was accounted for by India. China was also the consumption leader claiming 39% of the international market, or 4,250 million square metres.

 

The principal product segments within the country’s tile industry comprised the wall tile, floor tile, vitrified tile and industrial tile segments. In value terms, vitrified tiles made up 50% of the total industry, followed by floor tiles at 23%, wall tiles at 20% and industrial tiles at 7% (Source: Indian Council of Ceramic Tiles and Sanitaryware). The industry is trending towards larger sizes and high value varieties like digital, glazed vitrified tiles, double-charge and multi-surface appeal.

 

India’s organised sector accounted for 40% of the total production and provided employment to more than five lac Indians directly and indirectly.

 

OUTLOOK

 

The coming years will be marked by rising awareness about the tiles industry. As aspirations and perceptions regarding home beautification evolve slowly the tile sector is also seen becoming more lifestyle-oriented. Faster urbanization and rising disposable incomes of the growing middle class and a 40 million unit housing shortage will catalyse growth of the industry. Marketing practices in the ceramic industry have undergone a sea change - from sports marketing, charity marketing to internet marketing, micro film marketing. A major change that took over the ceramic tiles industry, was the introduction of vitrified and porcelain tiles. These new entrants are said to be the tiles of the future. These new products and the conventional wall and floor tiles have helped the organised players

reach new heights. This coupled with a spate of expansions by many players have brightened prospects for the industry. In the residential replacement industry, ceramic tiles are used for many purposes such as for designing, flooring and wall fittings, protection from rain and sunlight. Residential replacement, besides having the maximum market share, is also expected to be the fastest growing application segment of ceramic tiles, growing at a CAGR of 8.6% from 2012 to 2018.

 

The global demand for wall tiles is expected to reach 7,096.4 million square metres by 2018, growing at a CAGR of 8.0% from 2012 to 2018. The increasing usage of ceramic tiles is expected to drive the global ceramic tile market. The Asia-Pacific region has emerged as the leading market for ceramic tiles and accounted for 66.65% of the global demand in 2011. It’s also the fastest growing market for ceramic tiles, growing at a CAGR of 8.8% in terms of volume from 2012 to 2018.

 

FINANCIAL PERFORMANCE

 

The Company’s sales and other income stood at Rs.7732.600 Millions as on March 31, 2014

The Company’s gross revenues stood at Rs.8544.500 Millions as on March 31, 2014

The Company’s EBIDTA stood at Rs.654.000 Millions as on March 31, 2014

The Company’s net profit stood at Rs.142.600 Millions as on March 31, 2014

The Company’s profit before tax stood at Rs.226.700 Millions as on March 31, 2014

The Company’s cash profit stood at Rs.358.600 Millions as on March 31, 2014

The Company EBIDTA margin stood at 8.47%

The Company’s net profit margin stood at 1.85%

The Company’s average realisations increased from Rs.340 per square metre in 2012-13 from Rs.360 per square metre in 2013-14

 

Segment-wise performance

Tiles

 

The gross revenues stood at Rs.7030.000 Millions in 2013-14 as compared to Rs.6870.000 Millions in 2012-13.

The segment contributed 82% to total revenues during the year.

 

Marble

 

The gross revenues stood at Rs.1260.000 Millions in 2013-14 as compared to Rs.960.000 Millions in 2012-13.

The segment contributed 15% to total revenues during the year.

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

Short-term borrowings

 

 

FROM BANK

Bill Discounting

332.436

99.936

Total

332.436

99.936

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10407618

29/01/2013

50,000,000.00

IDBI BANK LIMITED

IDBI COMPLEX, OPP. MUNI.STAFF QUARTERS,, NEAR LAL BUNGLOWS, OFF C.G. ROAD, P.B. NO. 22, AHMEDABAD,
GUJARAT - 380006, INDIA

B69398584

2

10384205

29/01/2013 *

2,908,100,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, 3RD FLOOR, PARAMSIDHHI COMPLEX,
ELLISBRIDGE, ASHRAM ROAD, AHMEDABAD, GUJARAT - 3
80006, INDIA

B69079184

3

10384206

24/04/2014 *

893,500,000.00

STATE BANK OF INDIA

MID CORPORATE GROUP, COMMERCIAL BRANCH, PARAMSIDD
HI COMPLEX,OPP. V.S.HOSPITAL, ELLISBRIDGE, AHMEDAB
AD, GUJARAT - 380006, INDIA

C04054466

4

10219954

13/04/2010

50,000,000.00

IDBI BANK LIMITED

AHMEDABAD BRANCH , IDBI COMPLEX,MUNICIPAL QUARTERS
, NEAR LAL BUNGLOW, OFF. C.G. ROAD, POST BAG NO.2
2, AHMEDABAD, GUJARAT - 380006, INDIA

A86008984

 

* Date of charge modification

 

CONTINGENT LIABILITIES:

 

(Rs. in millions)

PARTICULARS

31.03.2014

 

 

Bank Guarantee

199.429

Custom Duty which may arise if obligation for exports is not fulfilled against import of capital goods under EPCG.

97.085

Claims against the Company / Disputed Liabilities not acknowledged as Debts

 

Sales Tax demands against which Company has preferred appeal.

21.088

Excise Duty claim by DGCEI-Ahmedabad

204.318

Income tax

301.062

Consumer / Legal Cases

4.062

Letters of Credit opened with Bank

149.344

Note:

 

The Company has filed appeal before The Joint Commissioner of Commercial Tax – Appeals for demand of Sales Tax of Rs.4.508 Millions and Rs.1.963 Millions for the financial year 2003-04 & 2004-05 respectively. The Dispute is regarding set off against the purchase of fuel not allowed by the Sales tax Department. However, Gujarat High Court has given the decision in favour of M/s Ami Pigment Ltd and hence the Company has filed appeal on the basis of this decision The Company has filed first appeal before The Deputy Commissioner of Commercial Tax–Appeals-III, Gandhinagar against demand of CST (Net) for Rs.2,68,730 for the financial year 2006-07 for pending “C” forms

 

The Company has also filed an appeal before The Deputy Commissioner of Commercial Tax–Appeals-III, Gandhinagar against demand of VAT for Rs.4.928 Millions raised in provisional assessment made by The Asst. Commissioner of Commercial Tax Enforcement Division, wing-III, Gandhinagar for the financial year 2007-08 on account of issue of in put VAT credit reduction method on OGS Branch Transfer and Sample Sales.

 

The Company has also filed first appeal before The Joint Commissioner of Commercial Tax – Appeals against demand of CST (Net) for Rs.5.583 Millions for the financial year 2008- 09 for pending “C” forms.

 

The Company has also filed first appeal before The Joint Commissioner of Commercial Tax–Appeals-I, Ahmedabad against demand of CST for Rs.1.184 Millions raised in regular assessment made by The Deputy Commissioner of Commercial Tax, Corporate Cell-1, Gandhinagar for the financial year 2009-10 for pending “C “ forms The Company has also filed an appeal before The Deputy Commissioner of Commercial Tax–Appeals-III, Gandhinagar against demand of VAT / CST for Rs.2.654 Millions raised in provisional assessment made by The Asst. Commissioner of Commercial Tax Enforcement Division, wing-III, Gandhinagar for the period from Apr-11 to Jul-11 (financial year 2011-12) on account of issue of in put VAT credit reduction method on OGS Branch Transfer and Sample Sales and OGS Sales.

 

Disputed Income Tax Liability of Rs.274.620 Millions for various Asst. Years for which department has preferred appeals at higher levels. Out of these, Liabilities to the extent of Rs.19.274 Millions have remained pending after CIT (Appeals) order effect. The Company has already paid Rs.192.74 lacs towards remaining disputed liabilities and there is no disputed amount remains unpaid. Company has preferred an appeal before Tribunal Ahmedabad.

 

Disputed Income tax Liability of Rs.33.668 Millions for A.Y. 2006-07 Re-Assessment for which the Company has preferred an appeal before the CIT (Appeal) Ahmedabad.

 

Disputed Income tax Liability of Rs.9.282 Millions of A.Y. 2010-11 for which the Company has preferred an appeal before the CIT (Appeal) Ahmedabad.

 

Disputed Income tax Liability of Rs.2.766 Millions of A.Y. 2011-12 for which the Company has preferred an appeal before the CIT (Appeal) Ahmedabad.

 

UNAUDITED FINANCIAL RESULTS FOR THE    QUARTER ENDED 31.12.2014

 

(Rs. In Millions)

Particulars

Quarter Ended

( Unaudited)

Quarter Ended

( Unaudited)

Nine months Ended

( Unaudited)

 

31.12.2014

30.09.2014

31.12.2014

 

 

 

 

1. Income from operations

 

 

 

a) Gross Sales

2152.651

2377.182

6477.272

 

 

 

 

b) Net sales/ Income from operation (net of excise duty)

1942.329

2148.892

5851.058

c) Other expenditure

5.080

4.612

12.237

Total income from Operations(net)

1947.409

2153.504

5863.295

 

 

 

 

2.Expenditure

 

 

 

a) Cost of material consumed

390.647

533.495

1340.889

b) Purchases of stock in trade

831.780

822.009

2342.952

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

(12.680)

24.392

(88.252)

d) Employees benefit expenses

108.535

103.325

310.995

e) Depreciation and amortization expenses

60.454

64.930

189.422

f) Power and Fuel

311.746

315.486

955.976

g) Other expenditure

176.196

179.467

514.590

Total expenses

1866.678

2043.104

5566.572

3. Profit from operations before other income and financial costs

80.731

110.400

296.723

4. Other income

3.913

1.918

8.871

5. Profit from ordinary activities before finance costs

84.644

112.318

305.594

6. Finance costs

44.855

55.487

160.950

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

39.989

56.831

144.644

8. Exceptional item

0.000

0.000

0.00

9. Profit from ordinary activities before tax Expense:

39.989

56.831

144.6.44

10.Tax expenses

11.852

17.290

43.489

11.Net Profit / (Loss) from ordinary activities after tax (9-10)

28.137

39.541

101.155

12.Extraordinary Items (net of tax expense)

0.000

0.000

0.000

13.Net Profit / (Loss) for the period (11 -12)

28.137

39.541

101.155

14.Paid-up equity share capital (Nominal value Rs.10/- per share)

225.825

225.825

225.825

15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

-

-

-

16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):

-

-

-

(a) Basic

1.25

1.75

4.48

(b) Diluted

1.25

1.75

4.48

 

 

Particulars

Quarter Ended

( Unaudited)

Quarter Ended

( Unaudited)

Nine months Ended

( Unaudited)

 

31.12.2014

30.09.2014

31.12.2014

A. Particulars of shareholding

 

 

 

1. Public Shareholding

 

 

 

- Number of shares

14109933

14109933

14109933

- Percentage of shareholding

62.48%

62.48%

62.48%

2. Promoters and Promoters group Shareholding-

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

NIL

NIL

NIL

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

NIL

NIL

NIL

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

NIL

NIL

NIL

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

8472608

8472608

8472608

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

100%

100%

100%

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

37.52%

37.52%

37.52%

 

 

 

 

B. Investor Complaints

 

 

 

Pending at the beginning of the quarter

0

 

 

Receiving during the quarter

0

 

 

Disposed of during the quarter

0

 

 

Remaining unreserved at the end of the quarter

0

 

 

 

Note:

 

1. The above results have been reviewed by the Audit Committee and also limited review by the statutory auditors and approved by the Board of Directors at their meeting held on October 31, 2014.


2. The Provisions of Income Tax are Deferred Tax are made as per the normal provisions of the Income Tax Act, 1961 and as per Accounting Standard-22 of ICAI respectively.

3. Accounting Standard (AS-17) relating to segment reporting has been complied with. As gross income and profit from other segment are below the norms prescribed in AS-17 and so separate disclosures have not been made.

4. The previous Period / Year figures have been regrouped and reclassified wherever necessary to make them comparable with the current period's figures.

 

FIXED ASSETS:

 

·         Land and Land Development

·         Building – Factory

·         Office and Other Building

·         Plant and Machinery and Elec.

·         Office Equipment

·         Vehicle

·         Furniture and Fixture

·         Computers

·         Trade Mark

·         Power Plant – Wind Mill

·         Power Plant – Wind Mill Land

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                                       None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.20

UK Pound

1

Rs.96.00

Euro

1

Rs.71.00

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

KVT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

54

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

 

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

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