MIRA INFORM REPORT
|
Report No. : |
308229 |
|
Report Date : |
18.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
BOROSIL GLASS WORKS LIMITED |
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Registered
Office : |
44, Khanna Construction House, Dr. R G Thadani Marg, Worli, Mumbai –
400 018, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
14.12.1962 |
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Com. Reg. No.: |
11-12538 |
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Capital
Investment / Paid-up Capital : |
Rs.30.060
Millions |
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CIN No.: [Company Identification
No.] |
L99999MH1962PLC012538 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB00740F/MUMB11821F |
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PAN No.: [Permanent Account No.] |
AAACB5484G |
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Legal Form : |
A Public Limited
Liability Company. The company’s
shares are listed on the Stock Exchanges |
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Line of Business
: |
Manufacturer of Borosilicate Glassware for Scientific
and Laboratory Purpose, Industrial
Glassware, Consumer Glassware and
also trading in consumer Glassware. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy operational risk profile marked by
adequate liquidity position and decent profitability margins of the company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
Management non co-operative [91-22-24930362]
LOCATIONS
|
Registered Office : |
44, Khanna Construction House, Dr. R G Thadani Marg, Worli, Mumbai –
400 018, |
|
Tel. No.: |
91-22-24930362 / 24930366 / 67406300 |
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Fax No.: |
91-22-24950561 |
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E-Mail : |
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Website : |
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Head Office / International Division : |
410, Kalindas Udyog Bhavan, Near Century bazaar, Prabhadevi, Mumbai –
400 025, Maharashtra, India |
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Tel. No.: |
91-22-24320779 / 24309539 / 24303436 |
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E-Mail : |
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Corporate Office : |
1101, Crescenzo, G Block, Opposite MCA Club, Bandra Kurla Complex,
Bandra (East), Mumbai-400051, Maharashtra, India |
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Tel No.: |
91-22-67406300 |
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Factory 1 : |
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Tel. No.: |
91-22-2850 8990 |
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Fax No.: |
91-22-2850 6685 |
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Factory 2 : |
A1F, Industrial Complex, Marai Malai Nagar - 603 209, Tamilnadu, India |
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Zonal Sales
Office : |
·
Western India Block No. 403/404, 4th Floor, Kalindas Udyog Bhavan,Near Century
Bazar, Prabhadevi, Mumbai - 400025 Tel. No : 91-22-2437 4501 / 2437 4703 Fax. No. 91-22-5660 3601 Email :mumbaisales@borosil.com ·
North India 19/90, Connaught Circus (Madras Hotel Block), New Delhi- 110001 Tel. No. :91-11-2334 3897/2374 2136/2374 3772 Fax No. :91-11-2374 6689 Email :
delhi@borosil.com ·
Southern India No.22, Wheat Croft Road, Ist Floor, Nungambakkam, Chennai- 600 034 Tel. No :91-44-28226012/13 Fax No :91-44-28226014 Email : chennai@borosil.com ·
Eastern India Dabriwala House , 4th Floor, 10 Middleton Row, Kolkatta- 700071 Tel. No :91-33-2229 9166/2249 5574 Fax No :91-33-2226 2045 Email : calcutta@borosil.com
·
161, Anna Salai, Chennai 600 002, Tamilnadu, India
·
1st floor, New No.20, Old No.9 Brahadammal Road,
Nungambakkam, Chennai – 600 034, Tamilnadu, India |
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US
Enquiries : |
United Scientific Supplies, Incorporation , 3055 N. Oak Grove Avenue, Waukegan, IL 60087 Phone : 91-847-336 7556 Fax: : 91-847-336 7571 Email : rsoni@unitedsci.com |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. B. L. Kheruka |
|
Designation : |
Executive Chairman |
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|
Name : |
Mr. P. K. Kheruka |
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Designation : |
Vice Chairman and
Managing Director |
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Name : |
Mr S. Bagai |
|
Designation : |
Director |
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Date of Birth/Age : |
07.03.1956 |
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Experience : |
Advocate with rich
Experience |
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Date of Appointment : |
29.06.2002 |
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|
Name : |
Mr. Naveen Kumar
Kshatriya |
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Designation : |
Additional Director
[w.e.f. 09th May, 2013] |
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Name : |
Mr. V Ramaswami |
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Designation : |
Whole Time Director |
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Name : |
Mr. U K Mukhopadhyay |
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Designation : |
Director |
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Name : |
Mr. Shreevar Kheruka |
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Designation : |
Manageing Director |
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Name : |
Dinesh N. Vaswani |
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Designation : |
Director (ceased w.e.f. 31st January, 2014) |
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Name : |
Dhanendra Kumar |
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Designation : |
Director (Additional Director from 11th November, 2013 to 10th May, 2014) |
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Name : |
Anupa R. Sahney (Mrs.) |
|
Designation : |
Director (Additional Director w.e.f. 30th May, 2014) |
KEY EXECUTIVES
|
Name : |
Rajesh Chaudhary |
|
Designation : |
Chief Financial Officer |
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|
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Name : |
Lovelina Faroz |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
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||
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
280689 |
9.34 |
|
|
374855 |
12.47 |
|
|
1497919 |
49.83 |
|
|
1497919 |
49.83 |
|
|
2153463 |
71.64 |
|
|
|
|
|
|
76415 |
2.54 |
|
|
76415 |
2.54 |
|
Total shareholding of
Promoter and Promoter Group (A) |
2229878 |
74.18 |
|
|
|
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|
(B) Public Shareholding |
||
|
|
|
|
|
|
550 |
0.02 |
|
|
362 |
0.01 |
|
|
100 |
0.00 |
|
|
1012 |
0.03 |
|
|
|
|
|
|
207835 |
6.91 |
|
|
|
|
|
|
397633 |
13.23 |
|
|
17212 |
0.57 |
|
|
152430 |
5.07 |
|
|
7867 |
0.26 |
|
|
975 |
0.03 |
|
|
143588 |
4.78 |
|
|
775110 |
25.79 |
|
Total Public shareholding
(B) |
776122 |
25.82 |
|
|
|
|
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Total (A)+(B) |
3006000 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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|
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|
Total (A)+(B)+(C) |
3006000 |
100.00 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”
|
No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|||
|
1 |
Gujarat Fusion Glass LLP |
14,92,936 |
49.67 |
49.67 |
|
2 |
Croton Trading Private
Limited |
2,50,798 |
8.34 |
8.34 |
|
3 |
Fennel Investment &
Finance Private Limited |
1,24,057 |
4.13 |
4.13 |
|
4 |
Bajrang Lal Kheruka |
76,415 |
2.54 |
2.54 |
|
5 |
Pradeep Kumar Kheruka |
76,415 |
2.54 |
2.54 |
|
6 |
Shreevar Kheruka |
25,050 |
0.83 |
0.83 |
|
7 |
Kiran Kheruka |
1,02,137 |
3.40 |
3.40 |
|
8 |
Rekha Kheruka |
77,087 |
2.56 |
2.56 |
|
9 |
Sonargaon Properties LLP |
4,983 |
0.17 |
0.17 |
|
|
Total |
22,29,878 |
74.18 |
74.18 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN
1% OF THE TOTAL NUMBER OF SHARES
|
No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Chotila Silica Private
Limited |
46513 |
1.55 |
1.55 |
|
|
2 |
Hindustan Composites
Limited |
135000 |
4.49 |
4.49 |
|
|
3 |
Anil Arya |
36572 |
1.22 |
1.22 |
|
|
4 |
Prakash Kumar Pranlal
Doshi |
57947 |
1.93 |
1.93 |
|
|
5 |
Vaishalli Arya |
42143 |
1.40 |
1.40 |
|
|
|
Total |
318175 |
10.58 |
10.58 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Borosilicate Glassware for
Scientific and Laboratory Purpose,
Industrial Glassware, Consumer
Glassware and also trading in consumer
Glassware. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information denied by the management. |
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Bankers : |
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Facilities : |
Note : Buyers’ credit from a bank in the previous year was secured by way of lien on 5,500,000 units of Kotak FMP Series 67 - Growth and carries Interest @ EURIBOR plus 1.00% to 1.15%. |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Chaturvedi and
Shah Chartered Accountants |
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Subsidiary Company
: |
Borosil Afrasia FZE |
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Associates : |
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|
Enterprises over
which persons described in (c) & (d) above are able to exercise
significant influence (Other Related Parties) with whom transactions have
taken place:- |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3006000 |
Equity Shares |
Rs.10/- each
|
Rs.30.060
Millions |
NOTES:
Reconciliation of
number of Equity Shares outstanding at the beginning and at the end of the year
:
|
Particulars |
AS ON 31.03.2014 |
|
|
|
NO. OF SHARES |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
3,006,000 |
30.060 |
|
Less : Buy back and Extinguishment of Equity Shares |
|
|
|
Shares outstanding at the end of the year |
3,006,000 |
30.060 |
TERMS/RIGHTS ATTACHED TO EQUITY SHARES:
The Company has only one class of shares referred to as equity shares having a par value of Rs.10/- per share. Holders of equity shares are entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the 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.
DETAILS OF SHAREHOLDER HOLDING MORE THAN 5% OF EQUITY SHARE CAPITAL:
|
NAME OF SHAREHOLDERS |
AS ON 31.03.2014 |
|
|
|
NO. OF SHARES |
% OF HOLDING |
|
Gujarat Fusion Glass Limited |
1492936 |
49.67 |
|
Croton Trading Limited |
250798 |
8.34 |
|
Mavi Investment Fund Limited |
* |
* |
* Holding is less than 5%.
2.4 957,928 (Previous Year 957,928) Equity shares were
bought back and extinguished in the last five years.
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 |
30.060 |
30.060 |
31.354 |
|
(b) Reserves & Surplus |
6543.377 |
6242.258 |
6205.219 |
|
(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) |
6573.437 |
6272.318 |
6236.573 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
6.859 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
33.912 |
13.280 |
0.000 |
|
(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) |
40.771 |
13.280 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
17.882 |
0.000 |
|
(b)
Trade payables |
56.163 |
94.485 |
84.414 |
|
(c)
Other current liabilities |
156.761 |
125.297 |
208.620 |
|
(d)
Short-term provisions |
82.821 |
65.454 |
62.055 |
|
Total
Current Liabilities (4) |
295.745 |
303.118 |
355.089 |
|
|
|
|
|
|
TOTAL |
6909.953 |
6588.716 |
6591.662 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1717.664 |
790.697 |
330.470 |
|
(ii)
Intangible Assets |
9.616 |
12.771 |
10.647 |
|
(iii)
Capital work-in-progress |
60.414 |
141.487 |
471.170 |
|
(iv) Intangible assets under development |
0.000 |
0.990 |
2.822 |
|
(b) Non-current Investments |
2637.533 |
1840.047 |
2684.445 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
20.080 |
|
(d) Long-term Loan
and Advances |
387.381 |
405.670 |
311.820 |
|
(e)
Other Non-current assets |
8.211 |
5.477 |
24.499 |
|
Total
Non-Current Assets |
4820.819 |
3197.139 |
3855.953 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1164.862 |
2250.865 |
1564.042 |
|
(b)
Inventories |
303.648 |
299.595 |
227.747 |
|
(c)
Trade receivables |
291.021 |
286.598 |
249.580 |
|
(d)
Cash and cash equivalents |
49.823 |
75.074 |
88.373 |
|
(e)
Short-term loans and advances |
217.771 |
442.173 |
561.139 |
|
(f)
Other current assets |
62.009 |
37.272 |
44.828 |
|
Total
Current Assets |
2089.134 |
3391.577 |
2735.709 |
|
|
|
|
|
|
TOTAL |
6909.953 |
6588.716 |
6591.662 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1559.500 |
1344.716 |
1260.235 |
|
|
|
Other Income |
407.632 |
251.304 |
420.043 |
|
|
|
TOTAL (A) |
1967.132 |
1596.020 |
1680.278 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
0.000 |
11.210 |
16.984 |
|
|
|
Purchases of Stock in Trade |
905.868 |
807.903 |
760.996 |
|
|
|
Employee Benefits Expenses |
174.183 |
146.624 |
109.097 |
|
|
|
Other Expenses |
388.137 |
418.084 |
408.409 |
|
|
|
Exceptional Items |
43.500 |
0.000 |
33.767 |
|
|
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
|
|
Changes in Inventories of Work in Progress and Stock in Trade |
(3.373) |
(71.358) |
(62.602) |
|
|
|
TOTAL (B) |
1508.315 |
1312.463 |
1266.651 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
458.817 |
283.557 |
413.627 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.975 |
2.664 |
1.836 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
453.842 |
280.893 |
411.791 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
37.212 |
20.467 |
7.514 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
416.630 |
260.426 |
404.277 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
45.174 |
62.059 |
78.997 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
371.456 |
198.367 |
325.280 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6169.600 |
6043.900 |
5806.000 |
|
|
|
AMOUNT
TRANSFERRED FROM REVALUATION RESERVE |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
40.000 |
20.000 |
33.000 |
|
|
|
Dividend on Equity Shares |
60.100 |
45.100 |
46.800 |
|
|
|
Tax on above Dividend |
10.200 |
7.700 |
7.600 |
|
|
|
Interim Dividend on Equity Shares |
0.000 |
0.000 |
0.000 |
|
|
|
Tax on above Dividend |
0.000 |
0.000 |
0.000 |
|
|
|
Proposed Dividend & Tax thereon of earlier year written back |
0.000 |
(0.100) |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
6430.700 |
6169.600 |
6043.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
74.937 |
46.608 |
46.273 |
|
|
|
Ocean Freight |
3.795 |
0.000 |
0.000 |
|
|
|
Others |
1.115 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
79.847 |
46.608 |
46.273 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
6.549 |
10.292 |
|
|
|
Capital Goods |
0.000 |
4.578 |
0.232 |
|
|
|
Art Work |
0.000 |
2.358 |
0.000 |
|
|
|
Traded Goods |
204.925 |
160.094 |
213.747 |
|
|
TOTAL IMPORTS |
204.925 |
173.579 |
224.271 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
123.57 |
64.81 |
85.58 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
23.82 |
14.75 |
25.81 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
29.42 |
21.09 |
32.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.89 |
5.65 |
11.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.04 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.06 |
11.19 |
7.70 |
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 |
31.354 |
30.060 |
30.060 |
|
Reserves & Surplus |
6205.219 |
6242.258 |
6543.377 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
6236.573 |
6272.318 |
6573.437 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
6.859 |
|
Short term borrowings |
0.000 |
17.882 |
0.000 |
|
Total borrowings |
0.000 |
17.882 |
6.859 |
|
Debt/Equity ratio |
0.000 |
0.003 |
0.001 |
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 |
1260.235 |
1344.716 |
1559.500 |
|
|
|
6.704 |
15.972 |
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 |
1260.235 |
1344.716 |
1559.500 |
|
Profit |
325.280 |
198.367 |
371.456 |
|
|
25.81% |
14.75% |
23.82% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY OF
LONG TERM BORROWINGS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current maturity of long term borrowings - Deferred Payment Liability |
1.714 |
-- |
NA
|
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
LITIGATION
|
CASE DETAILS BENCH: BOMBAY LODGING NO.:
STRL/20/2009
FILING DATE: 09.02.2009 REG. NO.: STR/96/2009
REG. DATE: 14.12.2009
|
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Deferred Payment Liability |
6.859 |
0.000 |
|
|
|
|
|
Total |
6.859 |
0.000 |
|
Note : Deferred Payment Liability is repayable in 12 half yearly installment of Rs. 0.572 Million each starting from June, 2015 and ending on December, 2020, which carries no interest. |
||
PERFORMANCE
The Company has generated a business profit of Rs. 460.100 Millions, during the year as compared to Rs.260.400 Million (before tax and exceptional items) in the previous year.
During the course of the year, the Company has grown by 16% on a consolidated basis. This increase has come in the midst of a tough economic environment and can be credited to a combination of new product introductions, price increases as well as small volume improvements. The Company has been able to pass on much of the increase of input costs to its customers and thereby managed to protect and even improve its bottom line.
The Company’s efforts for organic as well as inorganic expansion both in India and abroad continues.
The Company has invested its investible funds of around Rs. 4090.000 Million as on March 31, 2014 in a mixture of Debt markets, Equity/Equity Linked Instruments, Bonds/Debentures, Convertible Preference Shares, Non-Convertible Redeemable Preference Shares, Commodities, Real Estate, Opportunity based Funds, Real Estate Funds and Mutual Funds.
EXPORTS
The overall exports of the Company during the year was Rs. 75.000 Million as compared to Rs.46.800 Million during the previous year.
SUBSIDIARY
During the year, the Company has incorporated a wholly owned Free Zone Enterprise (FZE) viz. Borosil Afrasia FZE in Jebel Ali Free Zone situated in Dubai in United Arab Emirates (UAE) with an initial paid up capital of one million dirhams. (equivalent to Rs.16.500 Million). The objective of the FZE is to market the Company's products in the Middle East and African markets.
In accordance with the General Circular issued by the Ministry of Corporate Affairs, Government of India, the Balance Sheet, Statement of Profit and Loss and other documents of the subsidiary company are not being attached with the Balance Sheet of the Company. However, the financial information of the subsidiary company is disclosed in the Annual Report in compliance with the said circular. The Company will provide a copy of separate annual accounts in respect of its subsidiary to any shareholder of the Company who asks for it and the said annual accounts will also be kept open for inspection at the Registered Office of the Company and that of the Subsidiary company.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT:
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
The Company has traditionally been engaged in the business of low expansion borosilicate glassware including a wide variety of scientific, industrial, lighting, pharmaceutical and Consumerware glass items, sourced both from international and domestic markets. However, as mentioned above, the company has introduced Melamine items, appliances, plastic items and new range of home décor items. These are commonly used domestic items having a large scope. However, the markets for these products are very competitive and the Company has to gradually penetrate the market for these product categories.
The entire Pharmaceutical industry, Research and Development, Education and Health segments of the market are major users of Scientific and Industrial Products, whereas Consumerware items cater to the need of the household sector.
OUTLOOK
SCIENTIFIC AND
INDUSTRIAL PRODUCTS:
The last year has been a tough one for the SIP division owing to very limited funding for government funded laboratories. However, with a stable government at the centre and with steady growth in the pharmaceutical industry, we expect a good demand for our laboratory products.
The focus on international business has resulted into a growth from Rs.14.000 Millions to Rs. 43.000 Million for the financial year 2013-14. They expect a continued enhancement in exports for this division.
The Company has expanded its exports to total 25 countries for the FY 2013-14. It expects to add 10 more countries to its list in the year 2014-15.
CONSUMERWARE PRODUCTS
In fiscal year 2013-14, the Indian economy experienced an economic slowdown with high inflation. The consumer products Industry had to face the heat of high consumer price inflation with a decrease in consumer demand. The weak demand and rise in input prices due to currency fluctuation affected both sales and profitability.
However, with the change of Indian political scenario and market sentiments, the economy in general is likely to improve which will positively impact performance of consumer division. The division will also continue its growth by expanding its distribution channel through domestic appliances, melamine tableware and plastic storage range of products.
INVESTMENTS
While the investments in debt based instruments are likely to yield steady returns, the return from equity component is dependent on stock market scenario.
FIXED ASSETS
- Land (freehold and leasehold)
- Buildings
- Plant, Machinery and Equipment
- Furniture, Fixture and Office
Equipments
- Vehicles
- Intangible Assets
UNAUDITED STANDALONE
FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTHS ENDED 31ST
DECEMBER, 2014
Rs. In Millions
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
482.900 |
430.800 |
1192.000 |
|
|
Other Operating
Income |
1.100 |
1.100 |
2.600 |
|
|
Total Income From Operations (Net) |
484.000 |
431.900 |
1194.600 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Purchase
of stock in trade |
245.500 |
288.400 |
697.700 |
|
|
Employee
benefits expenses |
48.600 |
45.800 |
138.700 |
|
|
Depreciation
and amortization expenses |
12.900 |
15.600 |
42.300 |
|
|
Other
expenses |
119.000 |
123.700 |
325.600 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
34.200 |
(38.000) |
(1.500) |
|
|
Loss/provision
(reversal) for diminution in the value of current investments |
(0.600) |
0.600 |
(1.500) |
|
|
Total Expenses |
459.600 |
436.100 |
1201.300 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
24.400 |
(4.200) |
(6.700) |
|
|
|
|
|
|
|
4. |
Other
Income |
68.900 |
332.300 |
471.900 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
93.300 |
328.100 |
465.200 |
|
|
|
|
|
|
|
6. |
Interest |
0.700 |
0.500 |
1.800 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
92.600 |
327.600 |
463.400 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
92.600 |
327.600 |
463.400 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
23.000 |
86.900 |
113.900 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
69.600 |
240.700 |
349.500 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
69.600 |
240.700 |
349.500 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
30.100 |
30.100 |
30.100 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
|
|
|
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
23.16* |
80.09* |
116.28* |
|
|
b)
Basic and diluted EPS after extraordinary items |
23.16* |
80.09* |
116.28* |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
776122 |
776122 |
776122 |
|
|
-
Percentage of Shareholding |
25.82 |
25.82 |
25.82 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
--- |
--- |
--- |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
- Number
of Shares |
2229878 |
2229878 |
2229878 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
74.18 |
74.18 |
74.18 |
|
Particulars |
3 Months Ended 31.12.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
4 |
|
Disposed of during the quarter |
4 |
|
Remaining unresolved at the end of the
quarter |
Nil |
REPORTING OF SEGMENT-WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
Rs. In Millions
|
Sl. No. |
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
|
Unaudited
|
Unaudited
|
Unaudited
|
||
|
1 |
|
SEGMENT REVENUE |
|
|
|
|
|
|
Scientific Ware |
249.500 |
218.400 |
615.200 |
|
|
|
Consumer Ware |
232.500 |
210.000 |
571.000 |
|
|
|
Others |
2.000 |
3.500 |
8.400 |
|
|
|
TOTAL |
484.000 |
431.900 |
1194.600 |
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
-- |
--- |
-- |
|
|
|
|
|
|
|
|
|
|
NET SALES / INCOME
FROM OPERATION |
484.000 |
431.900 |
1194.600 |
|
|
|
|
|
|
|
|
2 |
|
SEGMENT RESULTS |
|
|
|
|
|
|
Scientific Ware |
63.200 |
53.300 |
42.300 |
|
|
|
Consumer Ware |
31.900 |
17.000 |
56.200 |
|
|
|
Others |
0.700 |
1.200 |
2.500 |
|
|
|
TOTAL |
95.800 |
71.500 |
201.000 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
0.700 |
0.500 |
1.800 |
|
|
|
Less : Other Unallocable Expenses and Extra Ordinary Items |
72.000 |
75.100 |
209.200 |
|
|
|
Net of Unallocable Income |
(69.500) |
(331.700) |
(473.400) |
|
|
|
NET PROFIT (+) /
LOSS(-) BEFORE TAX |
92.600 |
327.600 |
463.400 |
|
|
|
|
|
|
|
|
3 |
|
CAPITAL EMPLOYED |
|
|
|
|
|
|
Scientific Ware |
282.600 |
235.700 |
282.600 |
|
|
|
Consumer Ware |
270.400 |
277.600 |
270.400 |
|
|
|
Others |
0.100 |
0.100 |
0.100 |
|
|
|
Unallocated |
6369.900 |
6340.000 |
6369.900 |
|
|
|
TOTAL |
6923.000 |
6853.400 |
6923.000 |
NOTE:
Segments have been identified and reported
after taking into account the different risks and returns, the organization
structure and the internal reporting systems. There are organized into the
following:
Scientific Ware: Comprising of items used
in Laboratories and Scientific Ware.
Consumer Ware: Comprising of items for
domestic use.
Others: Comprising of items for industrial use,
Miscellaneous Trading items and solar water heating system.
Unallocated: Consists of Income
including income from Investments, expenses, assets and liabilities which
cannot be directly identified to any of the above segments.
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.96.00 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis done
by: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.