MIRA INFORM REPORT
|
Report No. : |
309241 |
|
Report Date : |
24.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
ASSOCIATED PIGMENTS LIMITED |
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|
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|
Registered
Office : |
18/1A, Hindustan Road, Kolkata – 700 029, West Bengal |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
22.12.1948 |
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Com. Reg. No.: |
21-017455 |
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Capital Investment
/ Paid-up Capital : |
Rs. 229.209 Millions |
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|
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CIN No.: [Company Identification
No.] |
L24224WB1948PLC017455 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Subject is engaged in producing Refined Lead and Lead
Alloys. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behavior : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of continuous losses incurred by
the company from its operational activities. Further the rating also takes into consideration the continuing delays
by the company in its debt servicing. However, business is active. Payment term are reported to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities (D) |
|
Rating Explanation |
Lowest credit quality and very low prospects of recovery. |
|
Date |
Feb 19, 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.
LOCATIONS
|
Registered Office : |
18/1A, Hindustan Road, Kolkata – 700 029, West Bengal,
India |
|
Tel. No.: |
91-33-24652433/ 2434 |
|
Fax No.: |
91-33-24650925 |
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E-Mail : |
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Website : |
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Factory : |
Located:
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Branch Office : |
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Delhi Office: |
Prakash Deep" 4735/XI, Medical Association Road 22, Darya Ganj, New Delhi – 110002, India |
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Malwan Office : |
Plot No - B 4 & 5, S.I.D.C Industrial Area, Malwan, Fatehpur- 212 664, Uttar Pradesh, India |
|
Bangalore Office: |
1053/A/2, 1st Floor, Munniyappa Complex, B.E.M.I. Main Road , New Tippsandra, Bangalore - 560 075, Karnataka, India |
|
Kanpur Office: |
123/433 A, Factory Area, Fazalganj Kanpur - 208 012, India |
|
Bharatpur Office: |
Malgodown Road, Bharatpur Near Poonam Dharam Kanta, 321002, Rajasthan, India |
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Hyderabad Office: |
Flot No :202, Sai Surabhi Laxmi Apartment, 3-4-827, Opposite to Paragon Apartment, Barkatpura, Hyderabad - 500 027, Telangana, India |
DIRECTORS
As on: 31.03.2014
|
Name : |
Shri Ravi Nandan Sahaya |
|
Designation : |
Chairman, Non-Executive Director |
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|
Name : |
Shri Sanjiv Nandan Sahaya |
|
Designation : |
Managing Director and Chief Executive Officer |
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|
Name : |
Shri Om Prakash Saxena |
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Designation : |
Non-Executive Independent Director |
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Name : |
Shri Rajnish Gambhir |
|
Designation : |
Executive Director and Chief Financial Officer |
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Name : |
Shri Rajendra Sahay |
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Designation : |
Non-Executive Independent Director |
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Name : |
Shri Yash Bharat Divecha |
|
Designation : |
Non-Executive Independent Director |
KEY EXECUTIVES
|
Name : |
Shri R. N. Prajapati |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2014
NOTE: SHAREHOLDER FILE ATTECHED
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in producing Refined Lead and Lead
Alloys. |
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|
Products : |
Refined Lead and Lead Alloys |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
Allahabad Bank, Industrial Finance Branch, ‘Kishore
Bhawan’ 17, R. N. Mukherjee Road, Kolkata – 700 001, West Bengal, India |
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Facilities : |
Note: Long-term
Borrowings Term loans from banks for vehicle finance are repayable in the equal installments ranging from 30-60 months along with the interest. These loans are secured by hypothecation of Vehicles Short-term
borrowings: Secured by Hypothecation of Stocks, Book-Debts and Other Movable Assets and Equitable Mortgage by Deposit of title deeds of Immovable Properties at Sodepur, Panskura and Malwan and guaranteed by two Directors (Secured by second charge against entire fixed assets
(both movable and immovable) located at Panskura, BT Road (WB) and Malwan
(UP) and against entire movable property of the company and guaranteed by a
Director. |
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|
|
|
Financial Institute: |
L And T Finance Limited, L And T House, Ballard Estate,, Mumbai, Maharashtra - 400001, India |
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Internal Auditors: |
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|
Name : |
Khetawat and Company Chartered Accountants |
|
Address : |
9,Lalbazar Street, 1 floor, (Block-D), Kolkata – 700 001,
West Bengal, India |
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|
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Statutory Auditors: |
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|
Name : |
VPC and Associates |
|
Address : |
‘E' Block, 4th Floor, Mercantile Building, 9/12, Lal Bazar Street, Kolkata – 700 001, West Bengal, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 110.000 Millions |
|
122,00,000 |
Non-convertible Redeemable Preference Shares |
Rs.10/- each |
Rs. 122.000 Millions |
|
18,00,000 |
Unclassified Shares |
Rs.10/- each |
Rs. 18.000 Millions |
|
|
Total |
|
Rs.
250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,07,26,387 |
Equity Shares |
Rs.10/- each |
Rs. 107.264
Millions |
|
|
Less : Calls in Arrear |
|
Rs. 0.055
Millions |
|
122,000,00 |
5% Non-Convertible Redeemable preference Shares |
Rs.10/- each |
Rs. 122.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 229.209 Millions |
Equity Shares:
The company has only one class of equity shares with equal rights for voting, dividend and equal right over surplus in case of winding up.
Preference Shares:
- The Company has one class of 5% Redeemable Non-Convertible Preference Shares having preferential (non-cumulative) right over dividend and over surplus in case of winding up
- These Shares are
Redeemable at the expiry of a term of 15 (fifteen) years from the year of
issue with an option to the Board of Directors to redeem at a premium.
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period:
|
Reconciliation of Authorized Share
Capital |
No. |
Amount |
|
Equity Shares |
|
|
|
At the beginning of the year |
25000000 |
250.000 |
|
Less: Equity Shares
Reclassified |
|
|
|
As Unclassified Shares of Rs.10/- each |
14000000 |
140.000 |
|
At the end of the year |
11000000 |
110.000 |
|
Preference Shares
of Rs.10/- each |
|
|
|
At the beginning of the year |
- |
- |
|
Add: Unclassified Shares issued as Preference Shares |
12200000 |
122.000 |
|
At the end of the year |
12200000 |
122.000 |
|
Unclassified Shares
of Rs. 10/- each |
|
|
|
At the beginning of the year |
- |
- |
|
Add: Equity Shares
Reclassified |
14000000 |
140.000 |
|
Less: Issued as Preference Shares |
12200000 |
122.000 |
|
At the end of the year |
1800000 |
18.000 |
|
Total Authorized
Capital |
25000000 |
250.000 |
Reconciliation of
Issued and Paid-up Capital
|
Reconciliation of Authorized Share
Capital |
No. |
Amount |
|
Equity Shares |
|
|
|
At the beginning of the year |
10726387 |
107.264 |
|
Issued during the year |
- |
- |
|
Outstanding at the end of the year |
107268387 |
107.264 |
|
5% Non-Convertible Redeemable Preference Shares |
|
|
|
At the beginning of the year |
- |
- |
|
Issued during the year |
12200000 |
122.000 |
|
Outstanding at the end of the year |
12200000 |
122.000 |
|
Total Paid up Capital |
22926387 |
229.264 |
Details of shares held
by each Shareholder holding more than 5% shares in the company
|
Reconciliation of Authorized Share
Capital |
No. |
% of holding |
|
Equity Shares |
|
|
|
Mr. Sanjiv Nandan Sahaya |
2,163,657 |
20.17 |
|
Mrs. Pammi Sahaya |
2,402,350 |
22.40 |
|
Ms. Saloni Sahaya |
1,876,641 |
17.50 |
5% Non-Convertible
Redeemable Preference Shares
|
Reconciliation of Authorized Share
Capital |
No. |
Amount |
|
Mac Services Private Limited |
1425000 |
11.68 |
|
K. L. Commercial Private Limited |
6655000 |
54.55 |
|
Sparrow Electronics Limited |
800000 |
6.56 |
|
Mrs Pammi Sahaya |
1100000 |
9.02 |
|
Gemex International Private Limited |
970000 |
7.95 |
|
Sahaya Properties and Investment Private Limited |
1000000 |
8.20 |
Details of shares allotted
as fully paid up without payment received in cash on amalgamation
|
Reconciliation of Authorized Share
Capital |
No. |
Year |
|
Equity Shares of Rs.10 each |
8,575,000 |
2009 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.201 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
229.209 |
107.209 |
107.209 |
|
(b) Reserves & Surplus |
(167.659) |
(142.031) |
194.936 |
|
(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) |
61.550 |
(34.822) |
302.145 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
26.756 |
142.124 |
78.046 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
15.392 |
|
(c) Other long term
liabilities |
25.000 |
25.000 |
0.000 |
|
(d) long-term
provisions |
7.990 |
8.107 |
6.788 |
|
Total Non-current
Liabilities (3) |
59.746 |
175.231 |
100.226 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
639.014 |
475.369 |
475.696 |
|
(b) Trade
payables |
272.229 |
426.213 |
275.916 |
|
(c) Other
current liabilities |
199.475 |
82.971 |
56.855 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
13.010 |
|
Total Current
Liabilities (4) |
1110.718 |
984.553 |
821.477 |
|
|
|
|
|
|
TOTAL |
1232.014 |
1124.962 |
1223.848 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
148.051 |
145.558 |
157.134 |
|
(ii)
Intangible Assets |
16.111 |
16.111 |
101.362 |
|
(iii)
Capital work-in-progress |
4.031 |
4.031 |
2.716 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.010 |
0.010 |
0.010 |
|
(c) Deferred tax assets (net) |
111.706 |
96.755 |
0.000 |
|
(d) Long-term Loan and Advances |
7.256 |
7.732 |
6.634 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
287.165 |
270.197 |
267.856 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
760.972 |
615.699 |
594.082 |
|
(c) Trade
receivables |
67.350 |
70.408 |
126.521 |
|
(d) Cash
and cash equivalents |
8.420 |
44.201 |
39.853 |
|
(e)
Short-term loans and advances |
108.107 |
124.457 |
195.536 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
944.849 |
854.765 |
955.992 |
|
|
|
|
|
|
TOTAL |
1232.014 |
1124.962 |
1223.848 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.201 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
814.268 |
2159.305 |
2569.242 |
|
|
|
Other Income |
0.872 |
5.734 |
43.166 |
|
|
|
TOTAL (A) |
815.140 |
2165.039 |
2612.408 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
682.114 |
2135.102 |
2217.815 |
|
|
|
Purchases of Stock-in-Trade |
6.502 |
4.836 |
61.098 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(31.036) |
(26.228) |
(159.263) |
|
|
|
Power and Fuel |
21.923 |
71.730 |
77.307 |
|
|
|
Stores and spare consumed |
21.991 |
57.689 |
81.431 |
|
|
|
Vat/Sales Tax/ Service Tax |
41.343 |
80.946 |
75.019 |
|
|
|
Foreign Exchanges Fluctuation |
0.292 |
6.988 |
50.569 |
|
|
|
Exceptional Item |
0.000 |
83.259 |
0.000 |
|
|
|
Employees benefits expense |
29.265 |
39.061 |
37.317 |
|
|
|
Other expenses |
22.344 |
44.896 |
69.761 |
|
|
|
TOTAL
(B) |
794.738 |
2498.279 |
2511.054 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
20.402 |
(333.240) |
101.354 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
60.981 |
98.767 |
87.081 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(40.579) |
(432.007) |
14.273 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.000 |
13.586 |
13.722 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(40.579) |
(445.593) |
0.551 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(14.951) |
(108.626) |
(0.374) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(25.628) |
(336.967) |
0.925 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
39.110 |
125.171 |
513.369 |
|
|
TOTAL EARNINGS |
39.110 |
125.171 |
513.369 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
135.242 |
207.636 |
1161.666 |
|
|
|
Technical Know How |
0.000 |
0.000 |
5.664 |
|
|
TOTAL IMPORTS |
135.242 |
207.636 |
1167.330 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.39) |
(31.41) |
0.09 |
|
.
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.201 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(3.15) |
(15.61) |
0.04 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
2.51 |
(15.43) |
3.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.64) |
(43.51) |
0.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.66) |
12.80 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
10.82 |
(17.73) |
1.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.85 |
0.87 |
1.16 |
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 |
107.209 |
107.209 |
229.209 |
|
Reserves & Surplus |
194.936 |
(142.031) |
(167.659) |
|
Net worth |
302.145 |
(34.822) |
61.550 |
|
|
|
|
|
|
long-term borrowings |
78.046 |
142.124 |
26.756 |
|
Short term borrowings |
475.696 |
475.369 |
639.014 |
|
Total borrowings |
553.742 |
617.493 |
665.770 |
|
Debt/Equity ratio |
1.833 |
(17.733) |
10.817 |
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 |
2569.242 |
2159.305 |
814.268 |
|
|
|
(15.956) |
(62.290) |
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 |
2569.242 |
2159.305 |
814.268 |
|
Profit |
0.925 |
(336.967) |
(25.628) |
|
|
0.04% |
(15.61%) |
(3.15%) |
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 |
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 |
-- |
|
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 |
MANAGEMENT DISCUSSION
& ANALYSIS
OVERVIEW OF GLOBAL
ECONOMY:
The global economy witnessed an upward economic growth from the second half of the year which was more in favor of advanced countries like US whereas Euro zone, Japan, Korea etc. had a muted growth rate. Developing economies like China and India continued to remain below par and lagged behind for the second successive financial year 2013-14. The Indian economy was confronted with very high fiscal deficit of 4.5% of GDP in 2013-14 which was possible only by curtailing Government Spending on development of Infrastructure and industry. The uncertainty in economic and legislative policies kept foreign investments away from India. Once again high Inflation, lower savings, high fiscal deficit and lack of positive financial stimulus for corporate sector decelerated employment and economic growth in India.
INDUSTRY STRUCTURE
& DEVELOPMENTS
The Company deals mainly in Lead and its oxides used in automotive, industrial, sub-marine, telecom and other variants of battery .The deceleration in industrial output and export, high rate of inflation in consumer price index, fiscal tightening, sluggish growth and exorbitant increase in fuel import costs weakened India's economic growth significantly leaving industry struggling for volume and margin.
PERFORMANCE AND
FINANCIAL RESULTS:
They are aware that the company had to suspend operations in Panskura unit under difficult financial conditions which was a major set-back to the company. The company struggled on account shortage of working capital due to reluctance in view of reference to BIFR after a loss of Rs 337.000 Millions in FY 2012-13. Despite these, the company achieved a Gross Turnover of Rs 901.700 Millions as against Rs 2398.500 Millions in FY 2012-13 full year. Profit before Interest and Depreciation was Rs 20.400 Millions during the year as against Loss of Rs 249.900 millions in the Last Year and performance during the year could be considered satisfactory under the prevailing difficult circumstances
INDUSTRIAL SICKNESS
AND BIFR
The Company had reported to BIFR under Section 3(1) (O) of the Sick Industrial Companies (Special Provisions) Act, 1985 due to complete erosion of net worth by losses as on 31st March, 2013. The main reason for industrial sickness and proposed remedial measures had also been reported in the Annual Report, 2012-13. However, Networth of company has become positive after conversion of Loan from Promoters and associates to Preference Capital of Rs 12.20 millions during 2013-14.
FINANCE AND DIVIDEND
In view of losses and lower production under difficult circumstances, the company faced acute financial crisis which had resulted in higher borrowings and finance costs. The company has approached lenders for restructuring and concessions apart from various cost control measures.
FUTURE OUTLOOK:
The demand for the company`s product has picked up along with the automobile and battery industry. The company has large orders for Lead in this year and the promoters are exploring arrangement of funds through restructuring, relocation of units, disposal of non-performing idle / surplus assets and other sources to increase production which can only sustain our efforts to growth and gradual reduction of past debts. Moreover, company is adhering to strict cost reduction and control measures through regular meetings of operational executives for reducing process losses and increasing yield. It has also already approached Banks/Lenders for financial restructuring and concessions so as to ensure regular supply of adequate raw-materials to factories. The Company proposes to enhance operations in plants at economic level, so that viability could be restored as early as possible and till then support and sacrifice would be needed from lenders as well as promoters. The company has the achieved a turn-over (net of excise) of Rs 603.400 millions during the quarter ended 30 June, 2014 (Rs 146.300 millions during same period in last year). The performance of the Company may be expected to improve further during the year.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
10.691 |
120.609 |
|
Other Loans and advances |
16.000 |
20.700 |
|
|
|
|
|
Total |
26.691 |
141.309 |
|
Note:
LONG TERM BORROWINGS Directors and their relatives have brought in long term borrowings to meet stipulation by bank Rs. 10.268 Millions (Rs. 37.285Millions) Unsecured loan from
directors, their relatives and business associates amounting to Rs. 122.000
Millions has been converted to capital by issuing 1,22,00,000 5%
Non-Convertible Redeemable Preference Shares of Rs. 10/- each during the year |
||
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
Unredeemed Bank Guarantees |
1.612 |
|
Claims against the Company not acknowledged as Debts |
56.025 |
|
Bills Discounted with Banks but not matured |
27.060 |
|
Interest payable on Security Deposit if long term contract not fulfilled |
4.554 |
|
|
|
|
Total |
89.251 |
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10462037 |
23/10/2013 |
460,000,000.00 |
L AND T FINANCE
LIMITED |
L AND T HOUSE,,
BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B90266883 |
|
2 |
10274114 |
15/03/2011 |
82,500,000.00 |
ALLAHABAD BANK |
INDUSTRIAL
FINANCE BRANCH, 17, R. N. MUKHERJEE ROAD, 4TH FLOOR., KOLKATA, WEST BENGAL -
700001, INDIA |
B08591430 |
|
3 |
80021365 |
31/12/2014 * |
780,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL
FINANCE BRANCH, 17, R. N. MUKHERJEE ROAD, 4TH FLOOR., KOLKATA, WEST BENGAL -
700001, INDIA |
C44136083 |
* Date of charge modification
FIXED ASSETS:
- Freehold Land and Site Development
- Buildings
- Factory God owns and Shed
- Plant and Machinery
- Water Tank and Tube wells
- Electric Installations
- Air Conditioners and Refrigerators
- Computers
- Furniture and Fittings
- Office Equipments
- Motor Car and Vehicles
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS
ON 31.12.2014
[RS.
IN MILLIONS]
|
PARTICULARS |
3 Months Ended |
9 Months Ended |
|
|
31.12.2014 [Unaudited] |
30.09.2014 [Unaudited] |
31.12.2014 [Unaudited] |
|
|
1. Income
from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
594.774 |
802.238 |
2000.463 |
|
b) Other operating income |
- |
- |
- |
|
Total
Income from Operations (net) |
594.774 |
802.238 |
2000.463 |
|
|
|
|
|
|
2.Expenditure |
|
|
|
|
Cost of material consumed |
581.679 |
655.303 |
1648.711 |
|
Purchases of Stock-in-Trade |
0.234 |
87.373 |
226.206 |
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(69.429) |
(54.225) |
(153.099) |
|
Power and Fuel |
10.094 |
9.472 |
28.299 |
|
Stores and spare consumed |
17.755 |
23.920 |
55.658 |
|
Employees benefits expense |
10.719 |
10.515 |
30.437 |
|
Other expenses |
41.864 |
56.693 |
136.732 |
|
Total expenses |
592.916 |
789.051 |
1972.944 |
|
|
|
|
|
|
3. Profit from operations before other income, and
financial costs and Exceptional Items |
1.858 |
13.187 |
27.519 |
|
Profit/ (Loss) before Interest, Depreciation, Tax and
Amortisation |
|
|
|
|
4. Other income |
0.007 |
0.020 |
0.443 |
|
5.Ecxhange Gain |
- |
- |
- |
|
6. Profit from ordinary activities before finance costs |
1.865 |
13.207 |
27.962 |
|
7. Finance costs |
67.749 |
12.754 |
92.643 |
|
8. Net profit/(loss) from ordinary
activities after finance costs but before exceptional items |
(65.884) |
0.453 |
(64.681) |
|
9. Exceptional item |
56.658 |
0.000 |
56.658 |
|
10. Profit from ordinary
activities before tax Expense: |
(122.542) |
0.453 |
(121.339) |
|
11.Tax expenses |
(37.865) |
0.140 |
(37.493) |
|
12.Net Profit / (Loss) from
ordinary activities after tax (9-10) |
(84.677) |
0.313 |
(83.846) |
|
13.Extraordinary
Items (net of tax expense) |
- |
- |
- |
|
14.Net
Profit / (Loss) for the period (11 -12) |
(84.677) |
0.313 |
(83.846) |
|
15.Paid-up equity share capital (Nominal value Rs.10
per share) |
107.209 |
107.209 |
107.209 |
|
16. Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
NA |
NA |
NA |
|
17.i) Earnings
per share (before extraordinary items) of Rs.10/- each) (not annualised): |
(7.89) |
0.03 |
(7.82) |
|
(a) Basic and diluted |
(7.89) |
0.03 |
(7.82) |
|
|
|
|
|
|
A.
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1.
Public Shareholding |
|
|
|
|
- Number of shares |
2944708 |
2944708 |
2944708 |
|
- Percentage of shareholding |
27.45 |
27.45 |
27.45 |
|
2.
Promoters and Promoters group Shareholding |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
- |
- |
- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
- |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
- |
- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
7781679 |
7781679 |
7781679 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
100 |
100 |
|
Percentage of shares (as a % of total share capital of the
company) |
72.55 |
72.55 |
72.55 |
|
|
PARTICULARS |
3 Months
Ended 31.12.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
Notes:
- The above unaudited financial results reviewed by audit committee has been approved by the Board of Director at the meetings held on 13th February, 2015. The same has been subjected to limited review by Auditors
- The company has single reportable segment of lead products battery as per AS-17.
- Differed Tax Income/Assets has been accumulated based on management expectation to set off the loss with future taxable income
- The application filed by the company to BIFR for registration u/s 15 (1) (0) of SICA-1985 in November, 2013 due to 100% erosion of networth has been rejected by BIFR vide latter Dated: 10.12.2014.
- The bank has restricted the working capital facilities and recovered arrear interest amounting to Rs. 114.789 Million out of which Rs. 56.658 Millions pertaining to the financial year 2013-14 has been debited in the Statement of profit and loss as prior period finance Cost and balance Rs. 58.031 millions for the current year has been included in the current quarter finance cost.
- The company has approached for waiver of penal interest of Rs. 5.245 Millions debited by bank in cash credit account during December 2014 Hence the same has not been debited in the statement of profit and loss and financial result above.
- In view of loss inadequate profits, interest and Depreciation not charged in the statement profit and loss account has been shown separately above. Depreciation has not been revised based on useful life of the assets as per the companies Act, 2013.
- The figures have been regrouped/rearranged where ever necessary to make them comparable.
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.62.18 |
|
|
1 |
Rs.95.72 |
|
Euro |
1 |
Rs.70.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
15 |
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.