MIRA INFORM REPORT
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Report No. : |
301753 |
|
Report Date : |
10.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
KOTHARI PRODUCTS
LIMITED |
|
|
|
|
Registered
Office : |
Pan Parag House 24/19, The Mall, Kanpur – 208001, Utter Pradesh |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
17.09.1983 |
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Com. Reg. No.: |
20-006254 |
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Capital
Investment / Paid-up Capital : |
Rs.66.320 Millions |
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CIN No.: [Company Identification
No.] |
L16008UP1983PLC006254 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
KNPK01137D |
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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 Business of International trade and
real estate activities |
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|
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No. of Employees
: |
53 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Financial position of the company is good. Net worth of the company is
healthy. Trade relations are reported as fair. Business is active. Payments
terms are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 “BBB+” |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk |
|
Date |
Jan 14, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities “A3+” |
|
Rating Explanation |
Moderate degree of safety. It carry higher credit risk |
|
Date |
Jan 14, 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 : |
Pan Parag House 24/19, The Mall, Kanpur – 208001, Uttar Pradesh, India
|
|
Tel. No.: |
91-512-2312171 / 74 |
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Fax No.: |
91-512-2312058 |
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E-Mail : |
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Website : |
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Head Office : |
C/62, Vibgyor Tower, 9th Floor, Bandra Kurla Complex,
Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-43119000 |
|
Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Deepak Kothari |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Mitesh Kothari |
|
Designation : |
Executive Director |
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|
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|
Name : |
Dr. Avinash Gupta |
|
Designation : |
Director |
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Name : |
Mr. Pramod Kumar Tandon |
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Designation : |
Director |
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|
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|
Name : |
Mr. Vikas Chaturvedi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Raj Kumar Gupta |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. Anurag Tandon |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
|
||
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12721905 |
63.94 |
|
|
2199999 |
11.06 |
|
|
14921904 |
75.00 |
|
|
|
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Total shareholding
of Promoter and Promoter Group (A) |
14921904 |
75.00 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
900 |
0.00 |
|
|
900 |
0.00 |
|
|
|
|
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|
2979656 |
14.98 |
|
|
|
|
|
|
1523781 |
7.66 |
|
|
360094 |
1.81 |
|
|
109575 |
0.55 |
|
|
109575 |
0.55 |
|
|
4973106 |
25.00 |
|
Total Public
shareholding (B) |
4974006 |
25.00 |
|
Total (A)+(B) |
19895910 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
19895910 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Business of International trade and
real estate activities |
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Products : |
Not Available |
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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 Available |
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Terms : |
Not Available |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
53 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
Notes : (i) Description of
the Security Given : Bank of India: Prime Securities: First pari passu charge by way of Hypothecation of Stocks and book debts. Collateral
Securities: Exclusive charge by way of equitable mortgage of Property at Bangalore owned by other Company. Personal guarantee of two directors. Corporate guarantee by other company. Allahabad Bank: Prime Securities: Hypothecation charge on current assets of the company both current and future and fixed assets, ranking pari passu with other multiple bankers. Collateral
Securities: Term Deposit worth Rs.40.000 Millions, equitable mortgage of property at Noida and personal guarantee of two directors. Corporate guarantee by a wholly owned Subsidiary Company. Canara Bank: Prime Securities: Hypothecation of Stocks, Book Debts and other current assets (existing and future). Collateral
Securities: Equitable mortgage of property at Bangalore owned by another Company. Term Deposit of Rs.40.300 Millions, personal guarantee of two directors and corporate guarantee by a wholly owned Subsidiary Company. Corporate guarantee by two other companies. Punjab National
Bank: Prime Securities: Hypothecation charge on current assets of the company. Collateral
Securities: Equitable mortgage of property at Bangalore owned by wholly owned subsidiary and personal guarantee of two directors. Corporate guarantee by a wholly owned subsidiary Company. UCO Bank: Prime Securities: First pari passu charge by way of hypothecation on the entire movable fixed and current assets of the company (both current and future) with existing Working Capital lenders. Collateral
Securities: Rs.30.000 Millions by way of collateral in the form of Term Deposit Receipt. Personal Guarantee of two directors. Indian Overseas
Bank: Prime Securities: First pari passu charge on stock and all other current assets. Collateral
Securities: Term Deposit worth Rs.10.000 Millions, equitable mortgage
of property at Bangalore owned by an other company and personal guarantee of
two directors. Corporate guarantee by a wholly owned Subsidiary Company and
by two other companies. State
Bank of India: Prime
Securities: Hypothecation
charge on current assets of the company both current and future. Collateral
Securities: Mutual
Fund worth Rs. 171.500 Millions and personal guarantee of two directors. |
|
Auditors : |
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|
Name : |
Mehrotra and Mehrotra Company Chartered Accountant |
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Address : |
16/49, Civil Lines, Kanpur – 208001, Uttar Pradesh, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates : |
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Subsidiaries Companies : |
Direct Subsidiaries
:
Indirect Subsidiary : Pinehills (Singapore) Pte Limited |
CAPITAL STRUCTURE
After 19.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21000000 |
Equity Shares |
Rs.10/- each |
Rs. 210.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19895910 |
Equity Shares |
Rs.10/- each |
Rs. 198.959
Millions |
|
|
|
|
|
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21000000 |
Equity Shares |
Rs.10/- each |
Rs. 210.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6631970 |
Equity Shares |
Rs.10/- each |
Rs. 66.300
Millions |
|
|
|
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|
The company has only one class of shares referred to as equity shares having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share.
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of
reporting period
|
|
As at 31.03.2014 |
|
|
|
Number of Shares |
Amount (Rs. In
Millions) |
|
Equity Shares of Rs. 10/- each fully paid up
: |
|
|
|
Opening Balance |
6631970 |
66.300 |
|
Closing Balance |
6631970 |
66.300 |
|
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|
Details of shares
held by Shareowners holding more than 5% shares
|
|
As at 31.03.2014 |
|
|
|
Number of Shares |
Holding % |
|
Equity Share of Rs.10/- each fully paid up:- |
|
|
|
a) Mrs. Arti D Kothari |
631772 |
9.53 |
|
b) Mr. Deepak Kothari jointly with Mrs. Arti D. Kothari |
3051916 |
46.02 |
|
c) Mitesh Kothari (HUF) |
406244 |
6.13 |
|
d) Dham Securities Private Limited |
733333 |
11.06 |
|
f) Magnus Properties Private Limited |
375581 |
5.66 |
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 |
66.300 |
66.300 |
66.300 |
|
(b) Reserves & Surplus |
7032.000 |
6748.700 |
6313.100 |
|
(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) |
7098.300 |
6815.000 |
6379.400 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
9.500 |
7.300 |
4.700 |
|
(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) |
9.500 |
7.300 |
4.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1131.000 |
1889.500 |
1148.700 |
|
(b) Trade payables |
18193.300 |
16421.900 |
14646.700 |
|
(c) Other current liabilities |
4502.300 |
6331.300 |
6961.300 |
|
(d) Short-term provisions |
912.200 |
885.200 |
670.600 |
|
Total
Current Liabilities (4) |
24738.800 |
25527.900 |
23427.300 |
|
|
|
|
|
|
TOTAL |
31846.600 |
32350.200 |
29811.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
251.800 |
227.200 |
127.300 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
80.400 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1627.500 |
1698.600 |
1812.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1075.500 |
1106.200 |
1606.300 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
2954.800 |
3032.000 |
3626.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
13511.100 |
12289.200 |
52.000 |
|
(b) Inventories |
791.200 |
728.800 |
1056.400 |
|
(c) Trade receivables |
12292.600 |
12279.900 |
10854.400 |
|
(d) Cash and cash equivalents |
633.300 |
1621.500 |
12882.000 |
|
(e) Short-term loans and
advances |
1663.600 |
2398.800 |
1340.500 |
|
(f) Other current assets |
|
|
|
|
Total
Current Assets |
28891.800 |
29318.200 |
26185.300 |
|
|
|
|
|
|
TOTAL |
31846.600 |
32350.200 |
29811.400 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
43026.500 |
39531.800 |
33033.400 |
|
|
Other Income |
229.700 |
166.500 |
161.500 |
|
|
TOTAL
(A) |
43256.200 |
39698.300 |
33194.900 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of Stock-in-Trade |
39822.200 |
36424.800 |
30939.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(62.400) |
327.600 |
(575.500) |
|
|
Employees benefits expense |
19.100 |
12.600 |
11.600 |
|
|
Other expenses |
2636.100 |
1837.900 |
1956.600 |
|
|
TOTAL
(B) |
42415.000 |
38602.900 |
32331.700 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
841.200 |
1095.400 |
863.200 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
192.700 |
167.800 |
90.300 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
648.500 |
927.600 |
772.900 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
12.000 |
15.000 |
8.500 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
636.500 |
912.600 |
764.400 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
213.600 |
321.900 |
237.900 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
422.900 |
590.700 |
526.500 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
42.300 |
59.100 |
52.600 |
|
|
Dividend |
119.300 |
132.600 |
99.500 |
|
|
Tax on Dividend |
20.300 |
22.500 |
16.200 |
|
|
Total
(M) |
181.900 |
214.200 |
168.300 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
241.000 |
376.500 |
358.200 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
38551.000 |
33752.600 |
20537.500 |
|
|
TOTAL
EARNINGS |
38551.000 |
33752.600 |
20537.500 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
|
Basic
|
63.77 |
89.07 |
79.38 |
|
|
Diluted |
63.77 |
89.07 |
79.38 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.98 |
1.49 |
1.59 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
1.96 |
2.77 |
2.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.11 |
2.98 |
2.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.13 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.16 |
0.28 |
0.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
1.15 |
1.12 |
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 |
66.300 |
66.300 |
66.300 |
|
Reserves & Surplus |
6313.100 |
6748.700 |
7032.000 |
|
Net
worth |
6379.400 |
6815.000 |
7098.300 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
1148.700 |
1889.500 |
1131.000 |
|
Total
borrowings |
1148.700 |
1889.500 |
1131.000 |
|
Debt/Equity
ratio |
0.180 |
0.277 |
0.159 |
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 |
33033.400 |
39531.800 |
43026.500 |
|
|
|
19.672 |
8.840 |
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 |
33033.400 |
39531.800 |
43026.500 |
|
Profit |
526.500 |
590.700 |
422.900 |
|
|
1.59% |
1.49% |
0.98% |
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 |
No |
|
8] |
No. of employees |
Yes |
|
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 |
No |
|
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 |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
Loans and advances from related parties |
|
|
|
From Directors |
2.400 |
74.800 |
|
|
|
|
|
Total |
2.400 |
74.800 |
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
The
information, as required under clause 49 of the Listing Agreement, is as
under:-
a)
INDUSTRY STRUCTURE AND DEVELOPMENTS
Global
growth picked up in the second half of 2013 after a slightly low growth during the
previous six months of 2013 partly driven by increase in inventory. The
strengthening in activity was mirrored in global trade and industrial
production. The Indian economy has been through challenging times in the last
two years, faced with the twin problem of prolonged high inflation and low
growth. This was also reflected in lower business sentiments, reduced
investments, lowered consumption, compressed revenues, increased government
welfare measures and pressure on deficits.
Trading
Industry is also facing challenging environment due to tough competitive global
and domestic market and volatile forex scenario. Low industrial growth has also
impacted the Trading Industry. Following a series of measures by the RBI and
the government, the Rupee strengthened from its record lows and has been fairly
stable in recent months. The stability in the domestic currency coupled by the
improvements in the country’s economic fundamentals narrowing the Current
Account Deficit and increased foreign inflows into the country will boost the
sentiments and instill the confidence of the industry.
b)
OPPORTUNITIES AND THREATS
There
are a myriad of opportunities a trader may discover through both its sales
force and market research. Public-Private Partnership (PPP) is emerging as the
new success route in India’s attempts to build world-class infrastructure. Over
the last decade, policymakers at both Central and State levels have been
increasingly focusing on infrastructure investments so as to enable fast paced
economic growth. PPP in fact could be the key to policymakers’ attempts to
create the requisite infrastructure for enabling double-digit GDP growth and
enhancing people’s welfare. Public Sector projects through Public Private
Partnership will bring further opportunities in Real Estate Industry. Thus with
various opportunities the future of the company appears to be lustrous.
However, the trading industry may face the risk of facing a ban on
import/export of a commodity by Govt., decrease in consumer demand, a
recession, price wars among key competitors, or even increase in 15
competition. Political and security conditions in the region and late
legislative enforcement measures along with infrastructure safety are the
threats in the Real Estate industry.
c)
FINANCIAL PERFORMANCE
They
have during the financial year registered a marginal growth in our sales in the
International Trade and Real Estate divisions along with a marginal growth in
sales volume and profitability in our Real Estate Division as well. The
Company’s sales turnover during the year has increased to Rs. 41719.200
Millions from Rs. 38176.800 Millions during the previous financial year. The
Profit before depreciation & tax during the year has however decreased to
Rs. 648.500 Millions as against Rs. 927.600 Millions in the previous year. The
Profit after Tax has also decreased to Rs. 422.900 Millions as against Rs.
590.700 Millions of the previous year due to negative forex variations.
However, profitability of the Company has increased in Real Estate segment from
Rs. 95.600 Millions to Rs. 124.700 Millions whereas in Trading items segment
the profit has decreased to Rs. 704.500 Millions from Rs. 984.800 Millions in
the previous year. The segment wise financial performance of the Company has
also been mentioned in the Notes on Accounts being part of this Annual Report.
d)
OUTLOOK :
The
global economy appearing to be on the path of revival and with the high income
economies showing signs of firm recovery after years of low growth and/or recession,
the outlook for the International Trading Industry in particular and Trading
Industry in general appears to be bright. With the formation of the new stable
Government at the Center and its focus on the development of the infrastructure
of the country and with the rising demand for the houses the outlook for the
real estate industry appears to be bright. In view of the aforesaid the outlook
of the Company also appears to be bright.
e)
RISKS AND CONCERNS :
These
aspects have been mentioned under the Heading “Opportunities and Threats”.
f)
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The
Company has Internal Control procedures commensurate with the size of the
Company and the nature of its business for the import and export of
commodities, minerals etc., purchase of assets and with regard to the sale of
goods.
f)
MATERIAL DEVELOPMENTS IN HUMAN
RESOURCES/INDUSTRIAL RELATIONS FRONT
Human
Resource is the most important element of the organization. Their Core Values
are discipline, trust, integrity and work style. Core Values are established to
align all the people in the organization in the direction of achieving stated
goals all throughout the organization.
The
Company is taking sufficient steps for employee engagement and motivation. This
has resulted in reduction of employee turnover. Their Company focuses on
recruiting and retaining the best talent in the industry. Moreover, Company
provides them proper induction, training and knowledge upgradation for the
individual as well as organizational growth. The Company continues to maintain
its record of cordial and harmonious industrial relations without any
interruption in work. Further, as on 31st March, 2014 the Company had 53
employees on its roll.
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER, 2014
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
SIX Months Ended |
|
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1. |
Net Sales/Income
from Operations |
|
|
|
|
|
a) Net Sales |
12331.900 |
9040.100 |
21372.000 |
|
|
b) Other Operating Income |
353.700 |
306.300 |
660.000 |
|
|
Total
Income From Operations (Net) |
12685.600 |
9346.400 |
22032.000 |
|
|
|
|
|
|
|
2. |
Expenses |
|
|
|
|
|
Purchase of Stock in Trade |
12110.300 |
8762.400 |
20872.700 |
|
|
Change in Inventories of Stock in Trade |
[37.500] |
76.400 |
38.900 |
|
|
Employees Benefit Expenses |
5.000 |
4.900 |
9.900 |
|
|
Depreciation and Amortization Expenses |
2.900 |
2.900 |
5.800 |
|
|
Forex Variations (Net) |
260.000 |
235.800 |
495.800 |
|
|
Other Expenditure |
83.300 |
76.000 |
159.300 |
|
|
Total
Expenses |
12424.000 |
9158.400 |
21582.400 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Finance Cost and Exceptional Items (1-2) |
261.600 |
188.000 |
449.600 |
|
|
|
|
|
|
|
4. |
Other Income |
37.100 |
37.600 |
74.700 |
|
|
|
|
|
|
|
5. |
Profit
From Ordinary Activities Before Finance Cost and Exceptional Items (3+4) |
298.700 |
225.600 |
524.300 |
|
|
|
|
|
|
|
6. |
Finance Costs |
32.000 |
38.600 |
70.600 |
|
|
|
|
|
|
|
7. |
Profit
From Ordinary Activities After Finance Cost before Exceptional Items (5-6) |
266.700 |
187.000 |
453.700 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
0 |
0 |
0 |
|
|
|
|
|
|
|
9. |
Profit
From Ordinary Activities before Tax (7+8) |
266.700 |
187.000 |
453.700 |
|
|
|
|
|
|
|
10. |
Tax Expense |
86.600 |
63.400 |
150.000 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities After Tax (9-10) |
180.100 |
123.600 |
303.700 |
|
|
|
|
|
|
|
12. |
Extraordinary Item |
0 |
0 |
0 |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
180.100 |
123.600 |
303.700 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
199.000 |
199.000 |
199.000 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
- |
- |
- |
|
|
|
|
|
|
|
16i. |
Earnings
Per Share (Before Extraordinary Items) Of Rs.10/- Each &Not Annualised)
(Rs.) |
|
|
|
|
|
(a) Basic |
9.05* |
6.221* |
15.26* |
|
|
(b) Diluted |
9.05* |
6.21* |
15.26* |
|
|
|
|
|
|
|
16.ii |
Earnings
Per Share (Before Extraordinary Items) Of Rs.10/- Each &Not Annualised)
(Rs.) |
|
|
|
|
|
(a) Basic |
9.05* |
6.221* |
15.26* |
|
|
(b) Diluted |
9.05* |
6.21* |
15.26* |
|
|
|
|
|
|
|
A |
PARTICULARS
OF SHAREHOLDINGS |
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
4974006 |
4974006 |
4974006 |
|
|
-Percentage of Shareholding |
25.00% |
25.00% |
25.00% |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
0 |
0 |
0 |
|
|
-Percentage of Shares (as a % of the Total Shareholding of
promoter and promoter group) |
0.00% |
0.00% |
0.00% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
0.00% |
0.00% |
0.00% |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
14921904 |
14921904 |
14921904 |
|
|
-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) |
75.00% |
75.00% |
75.00% |
|
Particulars
|
Quarter
Ended 30.09.2014 |
|
B. INVESTOR
COMPLAINTS |
|
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the quarter |
0 |
REPORTING OF SEGMENT-WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Sl No. |
Particulars |
Quarter Ended |
SIX Months Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
1 |
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
A) Segment – Trading Items |
12682.200 |
9346.700 |
22028.900 |
|
|
B) Segment – Real Estate Etc. |
46.800 |
31.100 |
77.900 |
|
|
|
|
|
|
|
|
Total |
12729.000 |
9377.800 |
22106.800 |
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
12729.000 |
9377.800 |
22106.800 |
|
|
|
|
|
|
|
2 |
Segment Results |
|
|
|
|
|
Profit (+) / Loss
(-) Before Tax For Each Segment |
|
|
|
|
|
A) Segment – Trading Items |
267.100 |
207.800 |
474.900 |
|
|
B) Segment – Real Estate Etc. |
31.600 |
17.800 |
49.400 |
|
|
|
|
|
|
|
|
Total |
298.700 |
225.600 |
524.300 |
|
|
|
|
|
|
|
|
- Finance Costs |
32.000 |
38.600 |
70.600 |
|
|
|
|
|
|
|
|
Total |
266.700 |
187.000 |
453.700 |
|
|
|
|
|
|
|
3 |
Capital Employed |
|
|
|
|
|
|
|
|
|
|
|
A) Segment – Trading Items |
4192.400 |
4116.800 |
4192.400 |
|
|
B) Segment – Real Estate Etc. |
3188.800 |
3105.100 |
3188.800 |
|
|
|
|
|
|
|
|
Total Capital Employed |
7381.200 |
7221.900 |
7381.200 |
NOTES
- The aforesaid results for the quarter ended 30.09.2014 have been subjected to 'Limited Review' by the Statutory Auditors of the Company and they have issued an unqualified report.
- The aforesaid results have been reviewed by for the Audit Committee and approved and taken on record by the Board of Directors of the company, for release, at their meeting held on 10th November, 2014.
- As per the provision of schedule II to The Companies Act, 2013, effective from 1st April, 2014 the Company has charged depreciation based on remaining useful life of the assets. According, an account of Rs. 20.800 Millions in relation to assets whose useful life has already expired as on 1st April, 2014, has been charged to Retained Earnings.
- The figures of the previous period have been regrouped / recast wherever considered necessary to make them comparable with the figures of the current period.
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
Particulars |
As at half year ended on 30.09.2014 (Unaudited) |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
(a) Share Capital |
199.000 |
|
|
(b) Reserves & Surplus |
7182.200 |
|
|
Total
Shareholders’ Funds |
7381.200 |
|
|
|
|
|
2 |
Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
0.000 |
|
|
(b) Deferred tax liabilities (Net) |
9.500 |
|
|
(c) Other long term
liabilities |
0.000 |
|
|
(d) long-term
provisions |
0.000 |
|
|
Sub Total Non-current Liabilities |
9.500 |
|
|
|
|
|
3 |
Current Liabilities |
|
|
|
(a) Short term
borrowings |
1672.800 |
|
|
(b) Trade payables |
19778.100 |
|
|
(c) Other current
liabilities |
6445.300 |
|
|
(d) Short-term provisions |
922.500 |
|
|
Sub
Total Current Liabilities |
28818.700 |
|
|
|
|
|
|
TOTAL- EQUITY AND
LIABILITIES |
36209.400 |
|
|
|
|
|
A |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed Assets |
229.400 |
|
|
(b) Non-current Investments |
1537.800 |
|
|
(c) Long-term Loan and Advances |
1386.700 |
|
|
(d) Other
Non-current assets |
0.000 |
|
|
Sub Total
Non-Current Assets |
3153.900 |
|
|
|
|
|
2 |
Current assets |
|
|
|
(a) Current investments |
13587.100 |
|
|
(b) Inventories |
752.300 |
|
|
(c) Trade receivables |
15810.600 |
|
|
(d) Cash and cash
equivalents |
433.200 |
|
|
(e) Short-term loans
and advances |
2472.300 |
|
|
(f) Other current
assets |
0.000 |
|
|
Sub Total Current
Assets |
33055.500 |
|
|
|
|
|
|
TOTAL-ASSETS |
36209.400 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10424532 |
10/05/2014 * |
1,150,000,000.00 |
State Bank of India |
Overseas Branch, 15/54-B,, Virendra Smrii Complex, Civil Lines,, Kanpur, Uttar Pradesh - 208001, INDIA |
C04903605 |
|
2 |
10377850 |
11/09/2012 |
1,100,000,000.00 |
INDIAN OVERSEAS BANK |
MALL ROAD BRANCH, 17/9, GARG NORONHA COMPLEX, MALL ROAD, KANPUR, Uttar Pradesh - 208001, INDIA |
B58579665 |
|
3 |
10270563 |
11/02/2011 |
100,000,000.00 |
BANK OF INDIA |
KANPUR MID CORPORATE BRANCH, 52-A CO OPERATIVE INDUSTRIAL ESTATE DADA NAGAR, KANPUR, Uttar Pradesh - 208022, INDIA |
B07766264 |
|
4 |
10265914 |
04/06/2014 * |
1,750,000,000.00 |
Punjab National Bank |
Mall Road, Kanpur, Uttar Pradesh - 208001, INDIA |
C08962979 |
|
5 |
10229739 |
26/06/2013 * |
900,000,000.00 |
CANARA BANK |
16/98, THE MALL, KANPUR, Uttar Pradesh - 208001, INDIA |
B79886412 |
|
6 |
10204758 |
19/02/2010 |
410,000,000.00 |
UCO BANK |
UCO Bank Building, 359, D. N. Road,, Mumbai - 400023, MUMBAI, Maharashtra - 400023, INDIA |
A80405293 |
|
7 |
10184336 |
12/01/2012 * |
240,000,000.00 |
BANK OF INDIA |
KANPUR MID CORPORATE BRANCH, K. G. MARG, 26/41 BIRHANA ROAD, KANPUR, Uttar Pradesh - 208001, INDIA |
B31786361 |
|
8 |
10184335 |
12/01/2012 * |
2,250,000,000.00 |
BANK OF INDIA |
KANPUR MID CORPORATE BRANCH, K. G MARG, 26/41 BIRHANA ROAD, KANPUR, Uttar Pradesh - 208001, INDIA |
B31784747 |
|
9 |
10175395 |
25/08/2009 |
10,000,000.00 |
BANK OF INDIA |
KASTURBA MARG BRANCH, THAPAR HOUSE, BIRHANA ROAD, KANPUR, Uttar Pradesh - 208001, INDIA |
A69801256 |
|
10 |
10166867 |
12/05/2014 * |
4,000,000,000.00 |
ALLAHABAD BANK |
KANPUR MAIN BRANCH, 15/287, CIVIL LINES, M.G. ROAD, KANPUR, Uttar Pradesh - 208001, INDIA |
C05789193 |
* Date of charge modification
FIXED ASSETS
- Freehold Land
- Building
- Computers
- Office Equipment
- Furniture and Fixture
- Vehicle
PRESS RELEASE
Kothari Products recommends 60% dividend (AGM on Sept 19, 2014)
Kothari Products has informed that the Dividend for the year
2013-14 recommended at 60% (i.e. Rs. 6/- per share) by the Board of Directors
will be payable between 24th September and September 30, 2014, if approved by
the shareholders in their 30th Annual General Meeting scheduled to be held on
September 19, 2014. Kothari Products Ltd has informed BSE that the Dividend for
the year 2013-14 recommended @ 60% (i.e. Rs. 6/- per share) by the Board of Directors
will be payable between 24th September and September 30, 2014, if approved by
the shareholders in their 30th Annual General Meeting scheduled to be held on
September 19, 2014.Source : BSE
Kothari Products Ltd has informed BSE that the Dividend for
the year 2013-14 recommended @ 60% (i.e. Rs. 6/- per share) by the Board of
Directors will be payable between 24th September and September 30, 2014, if
approved by the shareholders in their 30th Annual General Meeting scheduled to
be held on September 19, 2014.
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.62.39 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.