MIRA INFORM REPORT
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Report No. : |
307795 |
|
Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUPER
TANNERY LIMITED |
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|
|
|
Registered
Office : |
187/170, Jajmau Road, Kanpur – 208 010, Uttar Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
06.02.1984 |
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Com. Reg. No.: |
20-006421 |
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Capital
Investment / Paid-up Capital : |
Rs.107.973
millions |
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|
|
CIN No.: [Company Identification
No.] |
L19131UP1984PLC006421 |
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|
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IEC No.: |
0688000151 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
KNPS01360C |
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PAN No.: [Permanent Account No.] |
AAICS1142C |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer
of Leather Sole, Leather Chrome, Leather Garments, Leather Shoe Uppers, Leather
Full Shoe, Unit Sole, Leather Cut Sole etc. |
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|
|
|
No. of Employees
: |
1400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
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 an established company having satisfactory track record. Profitability of the company is fair. General financials of the
company appears to be satisfactory as well. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. 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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
17.12.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
17.12.2014 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Fazil Jamal |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-512-3935747 |
|
Date : |
11.02.2015 |
LOCATIONS
|
Registered
Office/ Chrome Tannery Division/ Sole Tannery
Division 1 : |
187/170, Jajmau Road, Kanpur – 208 010, Uttar Pradesh, India |
|
Tel. No.: |
91-512-3935747/ 3935748/ 3935749 |
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Fax No.: |
91-512-2460792/ 2462227 |
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E-Mail : |
supertannery@lw1.sancharnet.in supertannery@satyam.net.in - Tannery Division leatherinfo@supertannery.com - Tannery
Division supertan@satyam.net.in - Footwear Division sales@supertannery.com - Sales Department |
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Website : |
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Area : |
Approximately 5000 sq. ft. |
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Location : |
Owned |
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Plant Locations : |
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|
Goat Tannery
Division : |
Leather Technology Park, Banthar, Unnao, Uttar Pradesh,
India |
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Sole Tannery Division 2 : |
Mona Nagar, Jajmau, Kanpur – 208 010, Uttar Pradesh,
India |
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Footwear Division : |
169, Jajmau, Kanpur – 208 010, Uttar Pradesh,
India |
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Fashion Shoe Division : |
6, Akrampur, Unnao – 209 801, Uttar Pradesh,
India |
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Safety Shoe Division : |
Leather Technology Park, Banthar, Unnao, Uttar Pradesh,
India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Iftikharul
Amin |
|
Designation : |
Managing Director |
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Address : |
D-403, Defence Colony, Jajmau, Kanpur – 208 010, Uttar Pradesh, India |
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Date of Birth: |
26.06.1958 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
00037424 |
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Name : |
Mr.
Iqbal Ahsan |
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Designation : |
Joint Managing Director |
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Address : |
808, El Dorado Apartments 7/88, T1lak Nagar, Kanpur – 208 002, Uttar Pradesh, India |
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Date of Birth : |
03.05.1960 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
00037445 |
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Name : |
Mr.
Veqarul Amin |
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Designation : |
Joint Managing Director |
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Address : |
15/288-C, Civil Unes, Kanpur – 208 001 , Uttar Pradesh, India |
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Date of Birth : |
02.01.1963 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
00037469 |
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Name : |
Mr. Imran Siddiqui |
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Designation : |
Whole-time
Director |
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Address : |
Dargah Shareef Road, Infront of Hindustan Tannery Compound, Jajmau, Kanpur - 208 010, Uttar Pradesh, India |
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Date of Birth : |
10.05.1958 |
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Date of Appointment : |
01.04.2013 |
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DIN No.: |
00037552 |
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|
Name : |
Mr. Arshad Khan |
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Designation : |
Whole-time
Director |
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Address : |
Q/F7/3, Padam Apartments, 16716, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India |
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Date of Birth : |
05.07.1964 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
00037655 |
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|
|
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Name : |
Mr. Mohd. Imran |
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Designation : |
Whole-time
Director |
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Address : |
40/44, Naya Chowk, Parade, Kanpur – 208 001, Uttar Pradesh, India |
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Date of Birth : |
22.01.0967 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
00037627 |
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Name : |
Mr. Mohsin Sharif |
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Designation : |
Non-Executive
Director |
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Address : |
7/94, Tilak
Nagar, Kanpur – 208 002, Uttar Pradesh, India |
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Date of Birth : |
15.06.1962 |
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Date of Appointment : |
31.07.2000 |
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DIN No.: |
00797732 |
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|
|
|
Name : |
Mr. Kumud Behari
Seth |
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Designation : |
Non-Executive
Director |
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Address : |
106, El Dorado
Apartments, 7/88, Tilak Nagar Kanpur – 208 002,Uttar Pradesh, India |
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Date of Birth: |
13.03.1945 |
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Date of Appointment : |
25.03.2002 |
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DIN No.: |
00982480 |
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|
|
|
Name : |
Mr. Pradeep Kumar
Sinha |
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Designation : |
Non-Executive
Director |
|
Address : |
15/212-B, Civil
Lines, Kanpur – 208 001, Uttar Pradesh, India |
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Date of Birth : |
07.10.1958 |
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Date of Appointment : |
30.09.2008 |
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DIN No.: |
00559972 |
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|
Name : |
Mrs. Sadia Kamal |
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Designation : |
Non-Executive
Director |
KEY EXECUTIVES
|
Name : |
Mr. Fazil Jamal |
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Designation : |
Accounts Manager |
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|
Name : |
Mohd. Imran |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. R.K. Awasthi |
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Designation : |
Company Secretory |
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BOARD COMMITTEES: |
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Audit Committee : |
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Remuneration
Committee : |
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Shareholder’s/
Investors’ Grievance Committee : |
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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 |
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|
|
|
|
|
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|
63461434 |
58.78 |
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|
63461434 |
58.78 |
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Total
shareholding of Promoter and Promoter Group (A) |
63461434 |
58.78 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
3000 |
0.00 |
|
|
3000 |
0.00 |
|
|
|
|
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|
6861180 |
6.35 |
|
|
|
|
|
|
27054234 |
25.06 |
|
|
9956916 |
9.22 |
|
|
636596 |
0.59 |
|
|
84814 |
0.08 |
|
|
551672 |
0.51 |
|
|
110 |
0.00 |
|
|
44508926 |
41.22 |
|
Total
Public shareholding (B) |
44511926 |
41.22 |
|
Total
(A)+(B) |
107973360 |
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) |
107973360 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Leather Sole, Leather Chrome, Leather Garments, Leather Shoe Uppers,
Leather Full Shoe, Unit Sole, Leather Cut Sole etc. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
Raw
Material |
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Countries : |
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Terms : |
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Selling : |
L/C,
Cash and Credit (30 days) |
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Purchasing : |
L/C, Cash,
Advance Payment and Credit (30 days) |
PRODUCTION STATUS - (NOT AVAILABLE)
GENERAL INFORMATION
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Supplier : |
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Customer : |
Wholesalers, Retailers, and End Users
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No. of Employees : |
1400 (Approximately) |
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Bankers : |
·
State
Bank of India, SMECCC Division, Zonal Office, The Mall, Kanpur – 208 001, Uttar Pradesh,
India ·
HDFC Bank Limited ·
UCO Bank |
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Facilities : |
Notes: LONG TERM BOROWINGS Corporate loan (INR) from
bank carries interest @ 13.70% p.a. The loan is repayable in 10 regular
installments detailed as under:- a) Next 4 installments of
Rs.10.000 millions each (From 30.06.2014 to 31.03.2015) d)
Last 2 installment of Rs.20.000 millions each. (on 30.06.2015 and 30.09.2015) Vehicles
Loans are repayable in equated monthly instalments ranging from 36 to 83
EMIs. The corporate loan is
secured by first charge over entire fixed assets (both present and future,
except vehicles financed by other Banks/FIs) of the Company, extension of
charge on current assets of the Company, corporate guarantee of a subsidiary
Aarifi Tanners Limited. Loans are further secured by the personal guarantee
of promoter director(s) and by way of pledge of their shares (as given
hereunder) with State Bank of India:
Vehicle
loans are secured by hypothecation of vehicle financed. SHORT
TERM BORROWING Working
Capital Loan from State Bank of India is secured by hypothecation of
Inventories and Book Debts, extension of charge on entire fixed assets (both
present and future) of the Company and corporate guarantee of a subsidiary
Aarifi Tanners Limited. Loans are further secured by the personal guarantee
of promoter director(s) and by way of pledge of their shares (as given
hereunder) with State Bank of India:
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Financial
Institutions : |
· Mona Tanning Industries Private Limited, 2-B Wajidpurjajmau, Kanpur – 208 010, Uttar Pradesh, India · Aarifi Tanners Limited, 187/170 Jajmau Roadkanpur-2, Kanpur – 208 010, Uttar Pradesh, India |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Kapoor
Tandon and Company Chartered
Accountants |
|
Address : |
24/57, First Floor, Birhana Road, Opposite Central Chest Clinic, Kanpur – 208 001, Uttar Pradesh, India |
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Tel No.: |
91-512-2361244 |
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Fax No.: |
91-512-2361244 |
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E-Mail: |
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PAN No.: |
ACSPP4706A |
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Subsidiary
Companies : |
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Associates
and Entities : |
Secure
Safety Limited |
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Enterprise over which KMP
or relatives of KMP are able to exercise significance influence : |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
110000000 |
Equity Shares |
Re.1/- each |
Rs.110.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
107973360 |
Equity Shares |
Re.1/- each |
Rs.107.973
millions |
|
|
|
|
|
Reconciliation
of the shares outstanding at the beginning and at the end of the year:
|
Equity
shares |
As at 31st
March, 2014 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
At
the beginning of the year |
107973360 |
107.973 |
|
Changes
during the year |
-- |
-- |
|
Outstanding at the end of the year |
107973360 |
107.973 |
Term/rights attached to
equity shares
The company has only one
class of equity shares having a par value of Re.1/- per share. Each holder of
equity shares is entitled to one vote per share. The company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting.
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.
Bonus Shares/Shares for
consideration other than cash issued & Buy Back of shares during preceding
five years:
Bonus Shares issued during
No. of Shares preceding five F.Y.
Financial
Year 2009-10 17995560 (equity shares of Rs.2/- each fully paid ratio 1:2)
Face Value of Equity
Shares-sub division / split in preceding five years:
At the annual general
meeting held on 30th September 2010, the members of company approved a stock
split i.e. sub-division each equity share of the company of the face value of
Rs.2/- each as existing on Record Date, shall stand sub-divided into two equity
shares of face value of Re.1/- each fully paid up, and consequently the
Authorized and Paid up Equity Share Capital of the company be changed
accordingly.
Shares
held by holding/ultimate holding company and/or their subsidiaries/associates:
NIL
Details
of shareholders holding more than 5% shares in the company
|
Name
of the Shareholder |
As at 31st
March, 2014 |
|
|
No. of Shares |
% held |
|
|
Mr.
Veqarul Amin |
17883900 |
16.56% |
|
Mr.
Iqbal Ahsan |
9142502 |
8.47% |
|
Mr.
Iftikharul Amin |
9080432 |
8.41% |
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 |
107.973 |
107.973 |
107.973 |
|
(b) Reserves & Surplus |
639.091 |
523.573 |
483.096 |
|
(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) |
747.064 |
631.546 |
591.069 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
48.004 |
85.899 |
20.000 |
|
(b) Deferred tax liabilities (Net) |
78.770 |
76.333 |
65.463 |
|
(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) |
126.774 |
162.232 |
85.463 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
879.125 |
690.179 |
735.768 |
|
(b) Trade
payables |
463.446 |
435.722 |
269.347 |
|
(c) Other current
liabilities |
242.256 |
214.347 |
143.932 |
|
(d) Short-term
provisions |
13.073 |
15.279 |
27.128 |
|
Total Current
Liabilities (4) |
1597.900 |
1355.527 |
1176.175 |
|
|
|
|
|
|
TOTAL |
2471.738 |
2149.305 |
1852.707 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
655.115 |
603.885 |
574.143 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
24.304 |
21.318 |
22.634 |
|
(iv)
Intangible assets under development |
0.100 |
0.000 |
0.000 |
|
(b) Non-current Investments |
25.815 |
33.555 |
33.564 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
17.285 |
35.320 |
35.228 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
722.619 |
694.078 |
665.569 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
868.616 |
739.903 |
566.645 |
|
(c) Trade
receivables |
641.864 |
545.417 |
471.136 |
|
(d) Cash
and cash equivalents |
38.901 |
32.040 |
23.724 |
|
(e)
Short-term loans and advances |
62.081 |
68.916 |
30.221 |
|
(f) Other
current assets |
137.657 |
68.951 |
95.412 |
|
Total
Current Assets |
1749.119 |
1455.227 |
1187.138 |
|
|
|
|
|
|
TOTAL |
2471.738 |
2149.305 |
1852.707 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (net) |
3509.527 |
2557.873 |
2514.026 |
|
|
|
Other Income |
2.624 |
10.147 |
3.727 |
|
|
|
TOTAL (A) |
3512.151 |
2568.020 |
2517.753 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2367.840 |
1830.723 |
1767.414 |
|
|
|
Purchases of stock-in-trade |
361.906 |
194.353 |
94.703 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(16.220) |
(56.214) |
65.247 |
|
|
|
Employee benefit expense |
68.145 |
61.292 |
60.144 |
|
|
|
Other expenses |
446.317 |
323.897 |
307.842 |
|
|
|
TOTAL (B) |
3227.988 |
2354.051 |
2295.350 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
284.163 |
213.969 |
222.403 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
100.349 |
91.969 |
93.673 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
183.814 |
122.000 |
128.730 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
43.749 |
39.400 |
35.448 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
140.065 |
82.600 |
93.282 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
33.907 |
35.629 |
35.841 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
106.158 |
46.971 |
57.441 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
21.586 |
20.889 |
(0.278) |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
60.000 |
40.000 |
30.000 |
|
|
|
Proposed Dividend |
5.399 |
5.399 |
5.399 |
|
|
|
Provision for Tax on Proposed Dividend |
0.875 |
0.875 |
0.875 |
|
|
BALANCE CARRIED
TO THE B/S |
61.470 |
21.586 |
20.889 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB Basis |
2289.133 |
1695.245 |
1803.272 |
|
|
TOTAL EARNINGS |
2289.133 |
1695.245 |
1803.272 |
|
|
|
|
|
|
|
|
|
|
IMPORTS (excluding purchases from canalising
agencies and imported items purchased locally) |
|
|
|
|
|
|
|
Raw Materials |
81.334 |
46.480 |
33.737 |
|
|
|
Chemicals,
Stores, Components and Spare Parts |
178.225 |
125.589 |
104.169 |
|
|
|
Capital Goods |
31.860 |
32.108 |
28.139 |
|
|
|
Others |
0.000 |
1.470 |
20.551 |
|
|
TOTAL IMPORTS |
291.419 |
205.647 |
186.596 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
0.98 |
0.44 |
0.53 |
|
Expected Sales (2014-2015): Rs.4000.000 millions
The above information has been parted by Mr. Fazil Jamal (Accounts Manager).
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Unaudited |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
882.900 |
889.100 |
783.600 |
|
Total Expenditure |
825.700 |
814.700 |
720.300 |
|
PBIDT (Excl OI) |
57.200 |
74.300 |
63.300 |
|
Other Income |
0.900 |
0.400 |
0.800 |
|
Operating Profit |
58.000 |
74.700 |
64.000 |
|
Interest |
22.400 |
27.100 |
23.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
35.600 |
47.600 |
40.800 |
|
Depreciation |
9.600 |
13.300 |
13.000 |
|
Profit Before Tax |
26.100 |
34.300 |
27.900 |
|
Tax |
8.600 |
10.700 |
8.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
17.500 |
23.600 |
19.300 |
|
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 |
17.500 |
23.600 |
19.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.02 |
1.84 |
2.28 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
8.10 |
8.37 |
8.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.78 |
3.94 |
5.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.13 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.24 |
1.23 |
1.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
1.07 |
1.01 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
107.973 |
107.973 |
107.973 |
|
Reserves & Surplus |
483.096 |
523.573 |
639.091 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
591.069 |
631.546 |
747.064 |
|
|
|
|
|
|
Long Term borrowings |
20.000 |
85.899 |
48.004 |
|
Short Term borrowings |
735.768 |
690.179 |
879.125 |
|
Total borrowings |
755.768 |
776.078 |
927.129 |
|
Debt/Equity ratio |
1.279 |
1.229 |
1.241 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations (net) |
2,514.026 |
2,557.873 |
3,509.527 |
|
|
|
1.744 |
37.205 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations (net) |
2,514.026 |
2,557.873 |
3,509.527 |
|
Profit |
57.441 |
46.971 |
106.158 |
|
|
2.28% |
1.84% |
3.02% |
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 |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
OPERATIONAL REVIEW:
During the year, the income
from operation of the company was Rs.3509.528 millions as against Rs.2557.828
millions during the last financial year, shows higher growth in the operational
income by Rs.951.656 millions which work out to 37.21%. Besides higher growth
in the operational income, the company's Gross Profit has improved (profit
before interest, depreciation and extra ordinary items) by Rs.231.814 millions
as compared to Rs.199.748 millions during the last financial year. The company
recorded overall growth in net profit despite recession in the market.
MANAGEMENT DISCUSSION AND
ANALYSIS
Industry Structure and
Development:
The Indian Leather Industry
plays a significant role in the Indian Economy in view of its substantial
export earnings, employment generation and growth opportunities. The export of
leather and leather products has increased over past few years.
The Company is striving
high to capture over Global Market in respect of Leather and Leather Products.
The Company has taken various steps to promote company's products all over the
world and it is being done in line with global trends to enhance scale, global
competitiveness and financial flexibility and also to contribute towards
achievement of company's objective and to increase revenue, production volume,
market shares and shareholder's returns.
The company in view of the
competitive scenario has taken various steps to meet these challenges and also
capitalize on budding opportunities available. The company is regularly
carrying out detailed analysis of leather industry and has been making all
possible efforts to understand the various minutiae of the emerging market
scenario. The company has been investing considerable amount of funds on its
Research and Development Programmes in order to enrich and improve the quality
of products.
Outlook:
Company's maximum
operational income is based on the margin on export of leather and leather
products. As most of part of the earning is realized from Export, outlook
depends upon the global economic scenario, global demand and supply and
International product prices. Above all the performance of the company largely
depends on the Ex-imp policy of the Union Government. Looking at the overall
development of the Indian economy and the efforts of the Central Government to
achieve higher GDP, Board of directors of the company is very much optimistic
to the future of the Company.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10400506 |
31/12/2012 |
4,000,000.00 |
STATE BANK OF INDIA |
SMECCC DIVISION, ZONAL
OFFICE, THE MALL, KANPUR, UTTAR PRADESH - 208001, INDIA |
B67077412 |
|
2 |
90278344 |
21/09/1989 * |
320,000.00 |
INTERNATIONAL FINANCE CORP.
EXPORT-IMPORT BANK OF |
MAKER CHAMBER IV, 222;
NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
3 |
90278249 |
15/05/1987 |
2,750,000.00 |
U.P. FINANCIAL
CORPORATION BANK |
14CIVIL LINES, KANPUR,
UTTAR PRADESH, INDIA |
- |
|
4 |
90276358 |
02/05/1984 |
4,000,000.00 |
PUNJAB NATIONAL BANK |
CHEKERY BRANCH, KANPUR,
UTTAR PRADESH, INDIA |
- |
|
5 |
90278148 |
14/02/2014 * |
1,175,300,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, 15/54-B,
VIRENDRA SMRITI COMPLEX, CIVIL LINES, KANPUR, UTTAR PRADESH - 208001, INDIA |
B98702889 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
Particulars |
Period |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
i.
L C issued by the Bank |
|
33.385 |
45.555 |
|
ii.
Guarantee issued by the Bank |
|
3.070 |
1.915 |
|
iii.
The detail of disputed dues as per the clause ix (b) of Section 227 (4A) of
the Act is as follows: |
|
|
|
|
Income
Tax: |
|
|
|
|
CIT
Appeals, Kanpur |
A.Y. 2010-11 |
6.399 |
6.399 |
|
CIT
Appeals, Kanpur |
A.Y. 2011-12 |
1.430 |
-- |
|
ITAT
Lucknow Bench |
A.Y. 2007-08 |
3.055 |
3.055 |
|
ITAT
Lucknow Bench |
A.Y. 2009-10 |
0.236 |
0.236 |
|
(Above claims are likely to
be decided in favour of the company, hence not provided for) |
|
|
|
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER, 2014
(Rs. in millions)
|
|
|
Particulars |
Quarter Ended |
Half
Year Ended |
|
|
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
|
(Unaudited) |
||
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
889.047 |
882.900 |
1771.947 |
|
|
|
b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
|
Total Income from
Operations (Net) |
889.047 |
882.900 |
1771.947 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
670.805 |
745.660 |
1416.465 |
|
|
b) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
17.116 |
(42.563) |
(25.447) |
|
|
c) |
Employee benefit expenses |
17.388 |
16.854 |
34.242 |
|
|
d) |
Depreciation and amortization expense |
13.291 |
9.563 |
22.854 |
|
|
e) |
Other
expenses |
109.427 |
105.785 |
215.212 |
|
|
Total Expenses |
828.027 |
835.299 |
1663.326 |
|
|
3 |
|
Profit
/(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
61.020 |
47.601 |
108.621 |
|
4 |
Other
Income |
0.400 |
0.862 |
1.262 |
|
|
5 |
|
Profit
/(Loss) from ordinary activities before finance costs and exceptional items
(3+4) |
61.420 |
48.463 |
109.883 |
|
6 |
Finance
Costs |
27.118 |
22.391 |
49.509 |
|
|
7 |
|
Profit
/(Loss) from ordinary activities after finance costs but before exceptional
items (5-6) |
34.302 |
26.072 |
60.374 |
|
8 |
Exceptional
Items |
-- |
-- |
-- |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
34.302 |
26.072 |
60.374 |
|
|
10 |
Tax
Expense |
10.671 |
8.111 |
18.782 |
|
|
11 |
Net Profit /(Loss) from
ordinary activities after tax (9-10) |
23.631 |
17.961 |
41.592 |
|
|
12 |
Extraordinary
items (net of tax expense) |
-- |
-- |
-- |
|
|
13 |
Net Profit /(Loss) for the
period (11-12) |
23.631 |
17.961 |
41.592 |
|
|
14 |
Paid
up equity share capital (Eq. shares of
Rs.10/- each) |
107.973 |
107.973 |
107.973 |
|
|
15 |
Reserve
excluding revaluation reserves |
-- |
|
|
|
|
16 |
|
Earnings
per share (before/after extraordinary items) of Rs.10/- each |
0.22 |
0.17 |
0.39 |
|
|
|||||
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
-
No. of Shares |
44514926 |
44514926 |
44514926 |
|
|
|
-
Percentage of Shareholding |
41.23% |
41.23% |
41.23% |
|
2 |
|
Promoters and promoter
group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
-
Number of shares |
32248406 |
32248406 |
32248406 |
|
|
|
-
Percentage of shares (as a % of the total shareholding of the promoter and promoter
group) |
50.82% |
50.82% |
50.82% |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
29.87% |
29.87% |
29.87% |
|
|
|
b)
Non- encumbered |
|
|
|
|
|
|
-
Number of shares |
31213028 |
31213028 |
31213028 |
|
|
|
-
Percentage of shares (as a % of the total shareholding of the promoter and
promoter group) |
49.18% |
49.18% |
49.18% |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
28.90% |
28.90% |
28.90% |
|
B |
Investor
Complaints |
|
|
|
Pending at
the beginning of the quarter |
Nil |
|
|
Received
during the quarter |
21 |
|
|
Disposed
during the quarter |
21 |
|
|
Remaining
unresolved at the end of the quarter |
Nil |
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
|
Particular |
30.09.2014 (Rs. In Millions) |
|
|
(Unaudited)
|
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
107.973 |
|
(b) Reserves and surplus |
691.690 |
|
Sub-total
- Shareholders' funds |
799.663 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
42.678 |
|
(b) Long Term Provision |
80.241 |
|
Sub-total
- Non-current liabilities |
122.919 |
|
|
|
|
Current
liabilities |
|
|
(a) Short -term borrowings |
886.241 |
|
(b) Trade payables |
458.752 |
|
(c) Other Current Liability |
236.352 |
|
(d) Short-term provision |
12.062 |
|
Sub-total
- Current liabilities |
1593.407 |
|
|
|
|
TOTAL
- EQUITY AND LIABILITIES |
2615.989 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
|
|
(i)
Tangible Assets |
678.562 |
|
(ii)
Intangible Assets
|
0.000 |
|
(iii)
Capital work in Progress |
32.062 |
|
(iv)
Intangible assets under development |
0.099 |
|
(b) Non-current investment |
25.815 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term loans and advances |
19.862 |
|
(e) Other non-current assets |
0.000 |
|
Sub-total
- Non-current assets Current assets |
756.400 |
|
Current assets |
|
|
(a) Current Investment |
0.000 |
|
(b) Inventories |
892.954 |
|
(c) Trade receivables |
618.657 |
|
(d) Cash and cash equivalents |
30.715 |
|
(e) Short-term loans and advances |
76.952 |
|
(f) Other current assets |
140.311 |
|
Sub-total
- Current assets |
1759.589 |
|
|
|
|
TOTAL
- ASSETS |
2515.989 |
Notes:
1. The above results were taken on record by the Board of Directors at its meeting held on 14th November 2014, reviewed by Audit Committee and subject to limited reviewed by Statutory Auditors of the company.
2. The Company's operation predominantly
composes only one segment i.e. leather and leather products, hence AS-17 on
Segment Reporting is not applicable.
3. Figures for the previous year/ period have
been regrouped /rearranged wherever considered necessary in order to make them
comparable with the figures of current year.
FIXED ASSETS:
· Land Leasehold
· Land Freehold
· Building
· Plant and Equipments
· Furniture and Fittings
· Vehicles
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.62.20 |
|
|
1 |
Rs.95.99 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
|
-- PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
47 |
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.