MIRA INFORM REPORT
|
Report No. : |
309125 |
|
Report Date : |
21.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
GOA GLASS FIBRE LIMITED |
|
|
|
|
Registered
Office : |
37/2, Chinar Park, New Town Road, Rajarhat, Kolkata –
700157, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
19.06.1996 |
|
|
|
|
Com. Reg. No.: |
21080099 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 1241.774 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26102WB1996PLC080099 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG5767A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Glass Fibre Products. |
|
|
|
|
No. of Employees
: |
259 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 505000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company moderate financial risk
profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing with some caution. |
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 |
CARE |
|
Rating |
Long term bank facilities: “BB (SO)” |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
10.03.2014 |
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 DERTAILS)
|
Name : |
Mr. Nilesh Kankumkar |
|
Designation : |
Senior Account Officer |
|
Contact No.: |
91-832-2299147 |
|
Date : |
20.02.2015 |
LOCATIONS
|
Registered Office : |
37/2, Chinar Park, New Town Road, Rajarhat, Kolkata –
700157, West Bengal, India |
|
Tel. No.: |
91-33-25160049/ 32626795 |
|
Fax No.: |
91-33-25160053 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Survey No 220,Village Colvale, Taluka: Bardez, Goa -
403513, India |
|
Tel. No.: |
91-832-2299147 / 2299151/ 2299884/ 2299886 |
|
Fax No.: |
91-832-2299887 |
|
E-Mail : |
DIRECTORS
As on 29.09.2014
|
Name : |
Mr. Venkatakrishnan Subramanian |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address :` |
A-1003, Neel Sidhi Tower, Plot No. 195, Sector-12, Vashi, Navi Mumbai
– 400703, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
25.11.1930 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.Com, AICWA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
23.06.2008 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00010994 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Veeravenkatasatyanarayana Subba Rao Palepu |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole-time director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Flat No. Ca 3/2, Sapana Gardens, Chogam Road, Alto Porvorim, Goa -
403521, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
29.06.1962 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
29.09.2014 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No. : |
06940444 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Sri Ramchander Tumuluri |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Rue Des Cimmas Elysees 84, Elysees, 1050, Belgium |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
11.08.1962 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
29.09.2014 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No. : |
06930558 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Nilesh Kankumkar |
|
Designation : |
Senior Account Officer |
|
|
|
|
Name : |
Sauvik Nayak |
|
Designation : |
Secretary |
|
Address : |
Jyothi Vihar, Flat No. 301, Block-A, 47, J.C. Khan Road, Mankundu,
Hoogly – 712139, West Bengal, India |
|
Date of Birth/Age : |
27.04.1973 |
|
Date of Appointment : |
21.04.2012 |
|
PAN No.: |
ACSPN9097L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2014
|
Names of Equity Shareholders |
No. of Shares |
|
3B Binani Glassfibre SARL, Luxembourg |
74177289 |
|
Braj Binani (Nominee of 3B Binani Glassfibe SARL, Luxembourg) |
50 |
|
V. Subramanian Jointly Sauvik Nayak (Nominee of 3B Binani Glassfibe SARL, Luxembourg) |
10 |
|
M. K. Chattopadhyaya Jointly
Krishna Kumar Saraf (Nominee of 3B Binani Glassfibe SARL, Luxembourg) |
10 |
|
T. R. C. Nair Jointly Sushil Bhatter (Nominee of 3B Binani Glassfibe SARL, Luxembourg) |
10 |
|
Indrakumar Pugalia Jointly Sushil Mundra (Nominee of 3B Binani Glassfibe SARL, Luxembourg) |
10 |
|
K. Gangadharan Jointly with R. K. Bagri (Nominee of 3B Binani Glassfibe SARL, Luxembourg) |
10 |
|
Total |
74177389 |
|
Names of Preference Shareholders |
No. of Shares |
|
Binani Industries Limited, India |
5000000 |
|
3B Binani Glassfibre SARL, Luxembourg |
2603081 |
|
Total |
7603081 |
Allottee as on 30.09.2014
|
Names of Allottee (Preference Share) |
No. of Shares |
|
3B Binani Glassfibre SARL, Luxembourg |
95538 |
|
Total |
95538 |
Allottee as on 31.10.2014
|
Names of Allottee (Preference Share) |
No. of Shares |
|
3B Binani Glassfibre SARL, Luxembourg |
263759 |
|
Total |
263759 |
Allottee as on 25.11.2014
|
Names of Allottee (Preference Share) |
No. of Shares |
|
3B Binani Glassfibre SARL, Luxembourg |
246055 |
|
Total |
246055 |
Allottee as on 18.12.2014
|
Names of Allottee (Preference Share) |
No. of Shares |
|
3B Binani Glassfibre SARL, Luxembourg |
131753 |
|
Total |
131753 |
As on 29.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Glass Fibre Products. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
· Poland · Portugal |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
· China · Germany |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
Wholesalers, Retailers and Manufacturer
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
259 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
Indian Overseas Bank, 229, Bakhtawar, Ground Floor,
Nariman Point, Mumbai - 400021, Maharashtra, India ·
Vijaya Bank, Industrial Finance Branch, New
Excelsior Building, Fort, Mumbai - 400001, Maharashtra, India ·
ICICI Bank Limited, Landmarkrace Cource
Circle, Alkapuri, Baroda - 390015, Gujarat, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||
|
4Auditors : |
|
|
Name : |
Udeshi Shukla and Associates Chartered Accountants |
|
Address : |
A103/ PNG CHS, Near Customscolony, Opposite Powai Lake, Powai, Mumbai, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFU3304K |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company ; |
3B Fibreglass SPRL, Belgium |
|
|
|
|
Ultimate Holding
Company: |
Binani Industries Limited CIN No.: L24117WB1962PLC025584 |
|
|
|
|
Fellow Subsidiary
Company |
· B T Composites Limited CIN No.: U51109WB1995PLC091762 · Binani Cement Limited CIN No.: U26941WB1996PLC076612 |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
Binani Metals Limited CIN No.: L22100WB1941PLC119187 Asian Industry and Information Services Private Limited CIN No.: U22110WB1979PTC111491 |
CAPITAL STRUCTURE
After 29.09.2014
Authorised Capital : Rs. 1680.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.
1625.452 Millions
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 750.000 Millions |
|
5,000,000 |
Preference Shares |
Rs. 100/- each |
Rs. 500.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 1250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
74,177,400 |
Equity Shares |
Rs.10/- each |
Rs. 741.774 Millions |
|
5,000,000 |
Preference Shares |
Rs. 100/- each |
Rs. 500.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 1241.774
Millions |
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 |
1241.774 |
991.774 |
741.774 |
|
(b) Reserves & Surplus |
(1065.025) |
(818.794) |
(460.582) |
|
(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) |
176.749 |
172.980 |
281.192 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
101.536 |
201.802 |
347.469 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
4.147 |
4.135 |
4.135 |
|
(d) long-term
provisions |
35.100 |
28.620 |
22.112 |
|
Total Non-current
Liabilities (3) |
140.783 |
234.557 |
373.716 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
527.049 |
523.263 |
479.041 |
|
(b) Trade
payables |
0.000 |
0.000 |
0.000 |
|
(c) Other
current liabilities |
300.239 |
287.604 |
288.272 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
827.288 |
810.867 |
767.313 |
|
|
|
|
|
|
TOTAL |
1144.820 |
1218.404 |
1422.221 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
834.088 |
931.668 |
1065.458 |
|
(ii)
Intangible Assets |
13.634 |
0.000 |
0.353 |
|
(iii)
Capital work-in-progress |
37.963 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
1.801 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
36.178 |
30.904 |
23.857 |
|
(e) Other
Non-current assets |
3.018 |
3.367 |
3.488 |
|
Total Non-Current
Assets |
924.881 |
965.939 |
1094.957 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
142.421 |
182.371 |
240.285 |
|
(c) Trade
receivables |
36.710 |
43.196 |
55.485 |
|
(d) Cash
and cash equivalents |
12.170 |
4.103 |
2.774 |
|
(e) Short-term
loans and advances |
27.939 |
22.514 |
28.365 |
|
(f) Other
current assets |
0.699 |
0.281 |
0.355 |
|
Total
Current Assets |
219.939 |
252.465 |
327.264 |
|
|
|
|
|
|
TOTAL |
1144.820 |
1218.404 |
1422.221 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1224.641 |
1092.993 |
994.599 |
|
|
|
Other Income |
18.581 |
12.376 |
14.927 |
|
|
|
TOTAL (A) |
1243.222 |
1105.369 |
1009.526 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
319.924 |
297.279 |
266.174 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
45.969 |
34.637 |
-82.368 |
|
|
|
Employees benefits expense |
174.993 |
166.678 |
121.430 |
|
|
|
Other expenses |
692.288 |
664.569 |
577.661 |
|
|
|
Prior Period Items |
0.000 |
0.000 |
2.986 |
|
|
|
TOTAL (B) |
1233.174 |
1163.163 |
885.883 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
10.048 |
(57.794) |
123.643 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
127.325 |
152.192 |
120.945 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(117.277) |
(209.986) |
2.698 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
128.954 |
148.228 |
138.274 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(246.231) |
(358.214) |
(135.576) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.549 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(246.231) |
(358.214) |
(136.125) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
263.465 |
212.431 |
146.251 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(3.32) |
(4.83) |
(1.84) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(20.11) |
(32.77) |
(13.69) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
0.82 |
(5.29) |
12.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(22.25) |
(29.40) |
(9.54) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.39) |
(2.07) |
(0.48) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.56 |
4.19 |
2.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.27 |
0.31 |
0.43 |
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 |
741.774 |
991.774 |
1241.774 |
|
Reserves & Surplus |
(460.582) |
(818.794) |
(1065.025) |
|
Net worth |
281.192 |
172.980 |
176.749 |
|
|
|
|
|
|
long-term borrowings |
347.469 |
201.802 |
101.536 |
|
Short term borrowings |
479.041 |
523.263 |
527.049 |
|
Total
borrowings |
826.510 |
725.065 |
628.585 |
|
Debt/Equity
ratio |
2.939 |
4.192 |
3.556 |
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 |
994.599 |
1092.993 |
1224.641 |
|
|
|
9.893 |
12.045 |
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 |
994.599 |
1092.993 |
1224.641 |
|
Profit |
(136.125) |
(358.214) |
(246.231) |
|
|
(13.69%) |
(32.77%) |
(20.11%) |
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10290650 |
08/08/2011 * |
234,400,000.00 |
CENTRAL BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, CHANDERMUKHI,,NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B18273359 |
|
2 |
10118202 |
24/11/2008 * |
250,000,000.00 |
VIJAYA BANK |
INDUSTRIAL FINANCE BRANCH, NEW EXCELSIOR BUILDING, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A51349876 |
|
3 |
90254696 |
24/10/2013 * |
310,000,000.00 |
PUNJAB NATIONAL BANK |
ILLACO HOUSE, SIR P. M. ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA |
B89286876 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Other loans and advances, others |
450.000 |
378.500 |
|
Total |
450.000 |
378.500 |
PERFORMANCE REVIEW
OPERATIONS
During the year, the Company produced 13,067 MT as compared to production of 14,590 MT in the previous year and also introduced a new product called Assembled Roving for Pipe rehabilitation in European Markets. Production performance during the financial year improved on conversion efficiency.
SALES
During the year, the Company sold 13,896 MT with a revenue of Rs. 1224.600 Millions as compared to Sales of 15,503 MT and revenue of Rs. 1093.000 Millions in the previous year. Consequent to conscious efforts made, the finished goods Inventory level has been brought down significantly during the year.
In view of the improved market conditions and with Chinese imports becoming dearer due to weaker rupee the Company could achieve better average price realizations. This increase in pricing, will have a significant positive effect on the profitability in the current financial year which was already demonstrated during the last quarter of the financial year 2013-14.
As per the Audited Accounts of the Company for the year ended 31st March, 2014, the accumulated losses of the Company as at 31st March, 2014 amounting to Rs. 1065.000 Millions which have resulted in erosion of more than fifty percent of its peak net worth of Rs. 991.800 Millions during the immediately preceding four financial years. Thus under the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985, the Company has become a Potentially Sick Industrial Company.
INDUSTRY OVERVIEW
During 2013-14, the industry continued facing pressures due to cheaper imports from China. Even though India today being the fourth largest economy in the world and the second fastest growing market in Asia but because of the global economic downturn, the fiberglass demand in Indian Composites industry has hardly increased over the period due to sluggish growth globally and political uncertainty.
Major usage of fiberglass materials in Indian Composites Industry occurs in Pipe and Tank, Transportation and Construction segments. It is difficult to predict the long term growth of Indian Composites Industry; a cautious 7 - 9% is possible over the next five years. Segments such as Wind Energy will provide important opportunity for growth as well as large investment in transportation (rail and bus) and infrastructure (pipe and tank), provided the plans published in Central Budget materialize.
FUTURE PROSPECTS
The Company continues to lay emphasis on optimizing the product mix to improve overall margins. This apart, focus is also on enhancing capacity utilization and contain operating costs. From this perspective, Chopped Strand Mat represents the most remunerative product, and every effort is made to enhance its share in the Company's revenues going forward.
With the integration of India operations with 3B Europe under way, thrust now is to leverage on synergies in marketing and the strong technology base of the European facilities. The Company is also looking forward to optimizing the product portfolio by adding high value export sales.
With the projected availability of natural gas in Goa, the Company targets achieving significant reduction in energy costs which would enable the business to be more competitive.
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Office Equipment
Intangible Assets
·
Computer Software
·
Copyrights, Patents and Other Operating Rights
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.62.26 |
|
|
1 |
Rs.96.01 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.