MIRA INFORM REPORT
|
Report No. : |
303564 |
|
Report Date : |
16.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
20 MICRONS LIMITED |
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Registered
Office : |
9/10, G.I.D.C. Industrial Estate, Waghodia, Vadodara – 391 760, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
29.06.1987 |
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Com. Reg. No.: |
04-009768 |
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Capital
Investment / Paid-up Capital : |
Rs.169.080 millions |
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CIN No.: [Company Identification
No.] |
L99999GJ1987PLC009768 |
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IEC No.: |
Not Available |
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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 : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject produces and sells white minerals
in the field of functional fillers, extenders, and specialty chemicals. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2126000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 company’s operational risk profile marked by thin profitability
margins and leverage capital structure of 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 – 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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office : |
9/10, G.I.D.C. Industrial Estate, Waghodia, Vadodara – 391 760, Gujarat, India |
|
Tel. No.: |
91-2668-264077 |
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Fax No.: |
91-2668-262447 |
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E-Mail : |
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Website : |
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Head Office/ Factory 1 : |
347, G.I.D.C. Industrial Estate, Waghodia, Vadodara – 391
760, Gujarat, India |
|
Tel. No.: |
91-2668-292290 91-265-3057000 |
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Fax No.: |
91-2668-262447 |
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E-Mail : |
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Corporate Office : |
134-135, Hindustan Kohinoor Industrial Complex, L.B.S. Marg, Vikhroli
(West), Mumbai – 400 083, Maharashtra, India |
|
Tel. No.: |
91-22-25771325/ 2577/ 1350/ 32401006 |
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Fax No.: |
91-22-25771333/ 1325/ 1350 |
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E-Mail : |
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Factories : |
Also located at: · Swaroopgunj · Bhiwandi · Ambaji · Pathankot · Haldwani · Delhi · Alwar · Udaipur · Beawar · Kapnpur · Bhuj · Mundra · Vadodara · Kolkata · Hyderabad · Chennai · Hosur · Tirunelveli |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Chandresh S. Parikh |
|
Designation : |
Executive Chairman |
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Qualification : |
Master of Science (Chemistry) |
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Name : |
Mr. Rajesh C. Parikh |
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Designation : |
Managing Director Chief Executive Officer |
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Qualification : |
B.E. (Mechanical), MBA (Finance) |
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|
Name : |
Mr. Atil C. Parikh |
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Designation : |
Managing Director |
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Qualification : |
B.E. (Chemical), MBA (Finance) |
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|
Name : |
Mr. Sudhir R. Parikh |
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Designation : |
Director (Finance) |
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Qualification : |
Chartered Accountant |
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|
Name : |
Mr. Naresh S. Makhija |
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Designation : |
IDBI - Nominee Director |
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Qualification : |
B.Com, CAIIB |
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Name : |
Mr. Pravinchandra M. Shah |
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Designation : |
Independent Director |
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Qualification : |
M.Com, LLB, AICWA and ACS |
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|
Name : |
Mr. Ram A. Devidayal |
|
Designation : |
Independent Director |
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Qualification : |
MBA, M.Com |
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|
Name : |
Mr. Atul H. Patel |
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Designation : |
Independent Director |
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Qualification : |
Graduate in Textile Engineering |
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Name : |
Mrs. Darsha R. Kikani |
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Designation : |
Independent Director (w.e.f. 06.08.2014) |
KEY EXECUTIVES
|
Name : |
Mrs. Anuja K. Muley |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
10076694 |
29.80 |
|
|
8250235 |
24.40 |
|
|
18326929 |
54.20 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
18326929 |
54.20 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
7055069 |
20.86 |
|
|
|
|
|
|
2504335 |
7.41 |
|
|
3556929 |
10.52 |
|
|
2372640 |
7.02 |
|
|
204314 |
0.60 |
|
|
1885197 |
5.57 |
|
|
616 |
0.00 |
|
|
282513 |
0.84 |
|
|
15488973 |
45.80 |
|
Total
Public shareholding (B) |
15488973 |
45.80 |
|
Total
(A)+(B) |
33815902 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
33815902 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject produces and sells white minerals
in the field of functional fillers, extenders, and specialty chemicals. |
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Products : |
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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 : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
Notes: LONG TERM
BORROWINGS Maturity Profile
of Borrowings [as at March 31, 2014] Secured Borrowings The principal amount of the loans to each of the lenders shall be repayable
in equated monthly installments ranging over a period from 48 months to 72
months. Details of Securities The term loans obtained
as consortium loans are secured by way of 1. First pari-passu
charge by way of mortgage / hypothecation over : i. Plot No. 149,156,157
and158 Mamura, Bhuj (admeasuring 88,864 sq.mtrs.) ii. Plot No. 172,174 and
175, Vadadala, Baroda (admeasuring 03.00.01 hectares) iii. Plot No.
F-75/76/82/85 and H-83/84, RIICO I.A., Swaroopganj, Rajasthan (admeasuring
9,457.50 sq.mtrs.) iv. 307/308, Arundeep
Complex, Race Course, Baroda (admeasuring 1,405 sq. ft super built up area) v. 134,135 1st Floor,
Hindustan Kohinoor Ind. Complex, LBs Marg, Vikhroli (W), Mumbai (admeasuring
870 sq. ft.) vi. Plot No. B-77
(Admeasuring 8825 sq. mts.) and B-78 (Admeasuring 8480 sq. mts), Matsya
Industrial Area, Alwar, Rajasthan. vii. Plot no. 253-254
(area 3000 sq.mtrs.) and plot no.728 and 729 (area 4061 sq mtrs), GIDC,
Waghodia. viii. Plot no. F-140 (admeasuring
2304 sq.mtrs.), F-141 (admeasuring 2275 sq.mtrs.), F-142 (admeasuring 1950
sq.mtrs.), RIICO Industrial Area, Alwar, Rajasthan. ix. Plot no. 23 and 24
(area 3.29 acre), SIPCOT Industrial Estate, Phase-II, Hosur, Krishnagiri,
Tamilnadu x. Plot of land located
at survey no 65, village Puthur, Tirunvelli, Tamil Nadu (admeasuring 20,261
sq.mtrs.) xi. Plant and machinery,
both present and future, wherever situated at all factories and premises
pertaining to above locations. 2. Second pari-passu
charge by way of mortgage / hypothecation over: Current assets, both
present and future, wherever situated, but pertaining to the
division/factory/premises at Vadadala, Waghodia and Bhuj (all in Gujarat),
Alwar and Swaroopganj (both in Rajasthan), Hosur and Tirunvelli (both in
Tamilnadu) and Vikhroli (W), Mumbai. 3. All the term loans are
further collaterally secured by personal guarantee of Chairman and Managing
Director, Managing Director and Joint Managing Director of the Company. 4. Term loans of Rs.13.363 millions
(Previous Year: Rs.15.352 millions) obtained for acquisition of assets
(vehicles) are secured only by the hypothecation of the respective assets
financed. SHORT TERM
BORROWINGS Details of Securities The working capital
finance facilities are secured by way of: 1. First pari-passu
charge by way of hypothecation of: Current Assets, both
present and future, wherever situated, but pertaining to the
division/factory/premises at Vadadala, Waghodia and Bhuj (all in Gujarat),
Alwar and Swaroopganj (both in Rajasthan), Hosur and Tirunvelli (both in
Tamil Nadu) and Vikhroli (W), Mumbai. 2. Second pari-passu
charge on factories and premises and plant and machineries, both present and
future, wherever situated, but pertaining to the locations 3. The working capital
finance facilities are further collaterally secured by personal guarantee of
Chairman and Managing Director, Managing Director and Joint Managing Director
of the Company. |
|
Banking
Relations : |
-- |
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|
|
|
Statutory Auditors : |
|
|
Name : |
Manubhai and Shah Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries: |
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Enterprises where significant influence exists: |
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CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Shares |
Rs.5/- each |
Rs.300.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
33815902 |
Equity Shares |
Rs.5/- each |
Rs.169.080 millions |
|
|
|
|
|
Reconciliation
of the share outstanding at the beginning and at the end of the reporting
period:
|
Particulars
|
As at 31st
March, 2014 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
At
the beginning of the year |
31662056 |
158.311 |
|
Issued
during the period - Warrant conversion |
-- |
-- |
|
Issued
during the period - Debenture Conversion |
2153846 |
10.769 |
|
Issued
during the period - Share Split |
-- |
-- |
|
Outstanding
at the end of the year |
33815902 |
169.080 |
#
During the year 2012-13 Face Value of Equity Shares of Rs.10/- each was split
from Rs.10/- to Rs.5/- Per Share.
Rights, Preferences and
Restrictions Attached to Equity Shares
i The Company has only one
class of shares referred to as equity shares having a par value of Rs.5 each.
ii Each holder of equity
shares is entitled to one vote per share which can be exercised either
personally or by an attorney or by proxy.
iii The dividend proposed
if any by the Board of Directors is subject to approval of the shareholders in
the ensuing general meeting except in the case of interim dividend.
iv In the event of
liquidation of the Company, the holders of equity shares shall be entitled to
receive assets of the
Company, after distribution
of all preferential amounts. The amount distributed will be in proportion to
the number of equity shares held by the shareholders.
Details
of Shareholders Holding More Than 5% Equity Shares in the Company:
|
Name
of Shareholders |
As at 31st
March, 2014 |
|
|
No. of Shares |
% of holding |
|
|
Eriez
Finance and Investment Limited |
8250235 |
24.40 |
|
Chandresh
S. Parikh |
3630400 |
10.74 |
|
Rameshbhai
Baldevbhai Patel |
1953100 |
5.78 |
|
Arcadia
Share and Stock Brokers Private Limited |
1748965 |
5.17 |
|
Rajesh
C. Parikh |
1659956 |
4.91 |
|
Atil
C. Parikh |
1659956 |
4.91 |
|
|
18902612 |
55.91 |
The Company has not bought back
any equity shares, has not allotted any shares as fully paid up pursuant to
contracts without payment being received in cash and has not allotted bonus
shares, for the period of five years immediately preceding March 31, 2014.
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 |
169.080 |
158.310 |
143.310 |
|
(b) Reserves & Surplus |
575.001 |
514.464 |
380.549 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
51.500 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
744.081 |
672.774 |
575.359 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
577.902 |
647.186 |
514.221 |
|
(b) Deferred tax liabilities (Net) |
132.718 |
133.217 |
109.220 |
|
(c) Other long term
liabilities |
4.996 |
5.976 |
3.599 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
715.616 |
786.379 |
627.040 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
783.774 |
653.173 |
752.032 |
|
(b) Trade
payables |
469.181 |
269.434 |
216.017 |
|
(c) Other
current liabilities |
352.586 |
269.164 |
248.828 |
|
(d) Short-term
provisions |
5.690 |
20.573 |
31.524 |
|
Total Current
Liabilities (4) |
1611.231 |
1212.344 |
1248.401 |
|
|
|
|
|
|
TOTAL |
3070.928 |
2671.497 |
2450.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1455.088 |
1377.681 |
721.664 |
|
(ii)
Intangible Assets |
13.907 |
16.488 |
18.397 |
|
(iii)
Capital work-in-progress |
107.326 |
34.380 |
356.722 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
73.792 |
73.792 |
73.792 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
144.069 |
139.138 |
146.723 |
|
(e) Other
Non-current assets |
27.842 |
23.342 |
19.508 |
|
Total Non-Current
Assets |
1822.024 |
1664.821 |
1336.806 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
578.346 |
443.190 |
480.616 |
|
(c) Trade
receivables |
525.635 |
449.548 |
443.335 |
|
(d) Cash
and cash equivalents |
65.781 |
39.665 |
77.949 |
|
(e)
Short-term loans and advances |
63.923 |
63.701 |
79.790 |
|
(f) Other
current assets |
15.219 |
10.572 |
32.304 |
|
Total
Current Assets |
1248.904 |
1006.676 |
1113.994 |
|
|
|
|
|
|
TOTAL |
3070.928 |
2671.497 |
2450.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
2904.505 |
2771.007 |
2634.114 |
|
|
|
Other Income |
87.023 |
41.319 |
42.906 |
|
|
|
TOTAL |
2991.528 |
2812.326 |
2677.020 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
1474.667 |
1404.009 |
1416.919 |
|
|
|
Changes in Inventories of Finished Goods |
(51.269) |
(35.311) |
(29.776) |
|
|
|
Employee Benefit Expense |
258.980 |
226.334 |
199.879 |
|
|
|
Other
Expenses |
990.591 |
845.255 |
737.408 |
|
|
|
Exceptional
Items |
0.000 |
85.194 |
0.000 |
|
|
|
TOTAL |
2672.969 |
2525.481 |
2324.430 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
318.559 |
286.845 |
352.590 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
216.896 |
155.468 |
140.852 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
101.663 |
131.377 |
211.738 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
100.751 |
74.842 |
63.180 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
0.912 |
56.535 |
148.558 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.394) |
24.098 |
40.750 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1.306 |
32.437 |
107.808 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
308.633 |
261.962 |
228.809 |
|
|
TOTAL EARNINGS |
308.633 |
261.962 |
228.809 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material |
345.672 |
264.976 |
334.485 |
|
|
|
Machinery Spares |
1.851 |
0.000 |
0.897 |
|
|
|
Capital Goods |
9.254 |
8.663 |
4.486 |
|
|
TOTAL IMPORTS |
356.777 |
273.639 |
339.868 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.04 |
1.02 |
3.76 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2014 |
30.09.2014 |
|
Unaudited |
|
1st
Quarter |
2nd
Quarter |
|
Net
Sales |
|
813.200 |
864.600 |
|
Total
Expenditure |
|
739.000 |
786.600 |
|
PBIDT
(Excl OI) |
|
74.300 |
78.100 |
|
Other
Income |
|
15.100 |
17.200 |
|
Operating
Profit |
|
89.400 |
95.300 |
|
Interest |
|
59.600 |
62.000 |
|
Exceptional
Items |
|
0.000 |
0.000 |
|
PBDT |
|
29.800 |
33.300 |
|
Depreciation |
|
24.000 |
24.000 |
|
Profit
Before Tax |
|
5.800 |
9.300 |
|
Tax |
|
1.100 |
1.700 |
|
Provisions
and contingencies |
|
0.000 |
0.000 |
|
Profit
After Tax |
|
4.600 |
7.700 |
|
Extraordinary
Items |
|
0.000 |
0.000 |
|
Prior
Period Expenses |
|
0.000 |
0.000 |
|
Other
Adjustments |
|
0.000 |
0.000 |
|
Net
Profit |
|
4.600 |
7.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.04 |
1.17 |
4.09 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
10.97 |
10.35 |
13.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.03 |
2.21 |
7.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.08 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.83 |
1.93 |
2.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.78 |
0.83 |
0.89 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
143.310 |
158.310 |
169.080 |
|
Reserves & Surplus |
380.549 |
514.464 |
575.001 |
|
Money received against
share warrants |
51.500 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
575.359 |
672.774 |
744.081 |
|
|
|
|
|
|
Long Term borrowings |
514.221 |
647.186 |
577.902 |
|
Short Term borrowings |
752.032 |
653.173 |
783.774 |
|
Total borrowings |
1266.253 |
1300.359 |
1361.676 |
|
Debt/Equity ratio |
2.201 |
1.933 |
1.830 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
2,634.114 |
2,771.007 |
2,904.505 |
|
|
|
5.197 |
4.818 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
2,634.114 |
2,771.007 |
2,904.505 |
|
Profit |
107.808 |
32.437 |
1.306 |
|
|
4.09% |
1.17% |
0.04% |
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 |
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 |
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 |
No |
MANAGEMENT DISCUSSIONS AND
ANALYSIS
INDTRODUCTION
Their Company started its
journey on June 29, 1987 venturing in the production of Micronized Minerals in
India as import substitute and enhancing the market demand for additional
applications to the same.
Their Company was formed on
the concept of using micronized extenders and they are one of the India’s
largest producers of white minerals from plants and deposits spanning in
different regions of the country producing functional fillers, specialty
chemicals and extenders which are supplied globally.
The have demonstrated their
ability in providing specialized products and chemicals to their customers
which is reflected by the repeated orders from them. They are an ISO 9001:2008
certified Company.
Their Company, one of the
pioneers in the Micronized minerals, was thus the trend setter in the market
for usage of ultrafine minerals ranging from 20 microns to 2 microns particle
size. Over the years, their Company, capitalizing on its strength of developing
products, as per market needs and with on-going Research and Development, has
introduced minerals of submicron size and helped all the Industrial segments to
get benefits in terms of functional properties and pricing of their products.
With its constant efforts
and technical support, their Company popularized the concept of finer Calcium
Carbonate and other Minerals Fillers and innovated a good substitute for Paint
and Plastic Industries during the year 1990. Usage of grades of finer particle
in the range of 20 Microns and finer grades for Calcium Carbonate/Talc/Kaolin/Dolomite
and Mica is very common now for various industrial segments.
Their Company, having
multi-locational reach can cater its wide ranged customers with its several
marketing Offices throughout the Country. The Plant and Warehouses are located
at all strategic locations to take advantage of Logistics.
Their Company’s marketing
and other activities are mainly operating through two major segments in
Minerals namely C&C (Consumer and Commodity) and VAD (Value Added
Products).
Their Company constantly
endeavors to broaden the risk base by targeting its applications to industries
other than Paint and Plastics. The other applications include Rubber, Cement,
Paper, Ceramics etc. The key strengths of their Company are in its
understanding of the client requirements, carrying out various tests in its
laboratory and developing specific grade of products which meet with specific
requirement of each of its customers. It also has a modern, well-equipped R
& D facility that continuously carries out product and process development
activities for enhancing product quality, improving operational efficiencies
and augmenting the product lines.
INDUSTRY PROGRESS
20 Microns operates in the Industrial
Minerals space and this industry still hasn’t organized itself well barring a
few medium and large players. India has long been recognised as a nation well
endowed in natural mineral resources. India is ranked 4th amongst
the mineral producer countries, behind China, United States and Russia, on the
basis of volume of production. It is an extremely important sector and
contributes significantly to their Gross Domestic Product. The Indian mining
industry however is passing through a critical phase, especially in the last
two years. As mining is interlinked with industrial development, availability
of raw material is of prime importance and as such, the pro-active role of
union and state governments is called for to ensure an era of mineral development.
India needs an evolving and growth oriented mineral development and mining
policy that can foster systematic and sustainable growth in the sector. Mining
projects across the country remain stalled owing to environmental, regulatory
and land acquisition issues.
Industrial minerals are
transacted in high volumes. In other words, the minerals in this category are
characterized by bulkiness in extraction, transportation and consumption. The
extraction of these minerals involves shallow depth mining but with a
considerable quantity of over burden removal and waste generation.
Understandably, the mines, from where these minerals are extracted are large
mines and their clearances are easily caught in the quagmire of environmental,
forest and other clearances. Hence, there is need for developing a wide spread
understanding for the strategic value of different minerals. On the other hand,
the demand for these minerals is dependent on the demand of the user industry,
which is also produced in bulk.
There is significant
mineral potential that still lay untapped in India for the growth of mining but
historically, mining sector has struggled to exploit the potential due to three
big factors i.e. regulatory and administrative procedures, inadequate
infrastructure facilities and sustainability. These challenges have limited the
overall investment in mining and exploration activities in India, as evident
from very low inflow of FDI in the mining sector. The mining industry in India
has, however has started to shape the future direction of this engagement
towards an inclusive agenda. There is no doubt that mining investment can
become a positive catalyst for improving livelihoods of the local populace,
bringing in much needed investment job and wealth creation and government
revenues.
Rapid economic growth and
technological advancements in India in the recent years has created demand for
a wide range of Industrial minerals to perform essential functions in high end
sectors. But, India is partially or completely dependent on imports for many of
its minerals. New resources therefore need to be identified through increased
exploration activities.
Future of the mining
industry in India
• Despite the slowdown,
India is still the second fastest growing economy, after China.
• Demand for minerals, as
well as for mining services, is robust in the country.
• Mining in India is
becoming more structured, and companies have started outsourcing part of the
project to mining service companies.
MARKET INITIATIVE – OUTLOOK
Growing urbanization and
increase in disposable income along with the onset of stable government
generates hope for brighter economic conditions and the company foresees double
digit growth – 15% or more.
The major customers in the
paint industry will be utilizing their idle capacities to run at almost full
capacities this year as per the upbeat sentiments from the market and also will
be introducing few new products (value added) which were under trials in last
FY which are hopeful of being commercialized in their formulations within this
year. Also, the demand will be picking up with a hopeful budget and a standard
monsoon which will play a significant role in the consumer sentiments bringing
scale ups in the volumes of paint industry.
Company’s market share
among major / established customers is more than 75% whereas in case of Small
and Medium enterprises it varies between 25 % and 30%. The company has a lot of
room to grow in this consumer segment. The small and medium paint industry is
constantly evolving across the country embarking on newer technology and
investing in latest manufacturing processes. In the coming years, the company
envisages good business generation from this segment and is constantly engaged
in development for this segment with a proper selection of customers in each
region and is working on ways possible to do business efficiently with them as
they have strong future potential. A basket of semi-high end products are being
targeted for the Small and Medium industry in the next 2 years and a dedicated
business development team will act to penetrate this market to boost their
market share and educate this segment of customers making them aware of cost
savings by using this range.
Export opportunity has also
increased due to appreciation of US / EURO, which is a direct incentive to
exporters. In addition, due to strict mining regulations in US / Europe
international buyers have started focusing on sourcing material from India /
China. Since many international players have their set up in India it becomes
easy for getting approval for product use for their global procurement and
consumption from India. Further, for market development the company has started
representative offices in UAE and China.
PRODUCT WISE PERFORMANCE
• Paint Industry
The product range for paint
industry encompasses a varied application base with the majority share lying
with Paint Industry and a minor share with the Allied base of industries
catering to Agrochemicals, Adhesives and Sealants, Construction, Cosmetics, Printing
Inks, Oil Well Drilling, Foundry, Ceramics, and others. The user industries
were facing a severe slow-down during FY 2013-14 hence, the company has not
been able to achieve the projected turnover target.
Company had geared up the
expansion on the basis of plans shared by their major customers e.g. Asian
Paints, Berger Paints etc. Decorative paints account for over 75% of the
overall paint market in India and include wall finishes for interior and
exterior use, enamels, wood finishes and ancillary products such as primers,
putties, etc. The retail demand for decorative paints although resilient, was
affected by an overall sluggish economy, excessive rainfall in parts of
Southern India and slowdown in construction in some states. Against the
backdrop of contraction in the industrial sector marred by slowdown in
infrastructure investment and tight liquidity, the demand for industrial
coatings continued to remain weak through the year leading to contraction in
revenues. The top 5 Major companies domestically saw a single digit growth in
range of 7% to 9% which is way below the industry average of past decade.
Similarly, in case of Small
and Medium scale companies, the scenario worsened due to extended payment
cycles by the end customers and tougher market conditions.
Continuing poor demand,
devaluation of rupee, rising fuel prices and high interest rates adversely
affected the growth of the automobile market. All the vehicle segments
registered a negative growth during the year adversely impacting the automotive
coatings market.
• VALUE ADDED DIVISION –
VAD
VAD division has following
segments:
• Paper Industry
The paper industry in India
relies on Talc as major filler for their paper products. From 2010 onwards,
their special marketing team’s efforts have made inroads by working with the
technical teams of major paper companies and highlight the advantages of using
Calcium carbonates instead of talc. Many paper mills converted. To offset the
cut in margins due to imported raw materials – like coal and pulp the paper
mills have either reverted to talc or resorted to imported Chinese Calcium
Carbonate. However, the company’s teams are working with the technical teams of
several paper mills for using good calcium carbonate and try to reach at
formulations which match their technical requirements. Most of the paper mills
have shown negative growth in net profit because of high input cost and high
interest cost.
• Plastic Industry
The Company registered
growth of 25% in value and volume terms in Polyolefins and engineering plastic
segment compared to previous year.
Temporarily the exports
customers for India reduced due to inclination of customers towards Vietnam
made product but that was a temporary phase and customers have returned with
enquiries due to inferior quality goods from that country.
For PVC pipes and PVC
compounds related customers, the company saw a negative growth of 15% in value
and volume terms compared to last year. Most consumers operated their plants at
40% capacities during FY 2013-14.
• Polyolefin’s and
Engineering plastics converter:
This segment registered
negative growth of -25% in value and qty terms compared to previous
year. The key reasons are Sharp increase in the Dollar to INR as major of their
products in this segment are supplied through Foreign company tie ups. Also
India’s compliance to allow zero percent import duty from ASEAN countries
hampered their market as their products were supplied from Egypt. This factors
somewhat made them lag behind the Malaysian and Vietnam countries products. The
customers shifted to zero duty goods and preferred more Vietnam products. This
phase was though temporary as the Vietnamese products did not perform in terms
of quality and after a gap of 9 months, they again received enquiries from the customers
that moved away from their products.
In this period of 9 months
their company focused more on concept selling of products like Desiccants,
Antiblocking Agents, Synthetics Barium Sulfate for colored Master- batch
brilliancy and spacers application and valued added product like partial
replacement of TiO2 in white master batch application or TiO2 filled
application. Apart from that this range, severe marketing efforts were also
done in processing aids such as Wax, One pack which aid the extrusion processing.
These efforts are kept ongoing and a separate team has been formed to promote
and market above products on a consistent basis.
• Vinyl, PU, Epoxy and
Thermo-sets plastics Processing Industries:
This particular segment consists
of PVC processing Industries like PVC pipe, PVC compound for wire and cable,
other PVC processing Industries who making Sheet, film, profile and others.
Since 2012-13, they had
formed a special marketing team to focus only on PVC pipe segment which
contributed maximum growth of division in 2013-14, with 27% in quantity and 54%
in value growth over previous year with long term contractual business deals
with the customers. This has opened new segment with excellent prospective for
the business and made them potential for projecting 200% plus growth for F.Y.
14 -15.
As far as PVC Compound and
other allied Industries are concerned, their growth was negative for F.Y. 13-14
about 15% in terms of value and quantity over previous year, due to again the Zero
duty imports from ASEAN countries and overall the Indian Cable and power sector
was underperforming as a whole. Many companies either operated their plants at
40% capacity or diversified to some other compounds. To counter this they again
have formed a vigorous marketing plan and increased their strength of marketing
executives to revive this sector with better products and also serve them with
their Specialty range of products.
• Rubber Application
Rubber application is one
of the important business vertical for subject in recent years. Indian Rubber
industry is about 6000 unit comprising 30 large scale, 300 medium scale and
around 5600 small and tiny scale industries.
Indian rubber industry has
been growing in along with the strength and importance, as a part of India’s
burgeoning role in the global economy. India is the world’s largest producer
and the third largest consumer of natural rubber.
During F.Y. 13-14 the sales
turn over in rubber segment marginally declined compared to previous year sales
due to unfavorable Market conditions and restricting the sales to bad paying
customers however for coming years company is focusing the application for the
growth of 30% in the sales value for the year 14-15 and expand from there.
Several new products are also being developed for the partial replacement of
synthetic silica and Carbon Black which is widely used filler in segment. Also
company is emphasizing to focus more on value added products like vaporlink
(product which partially replaces carbon black), Wax, Zincomer- 100%
replacement of Zinc Oxide, Fast flow-s for lubrication and Vapor Oxol series
use as desiccant which are high value product can boost the sales turn over in
future.
EXPORTS
For 20 Microns,
opportunities are ahead to aggrandizement its global business in the area of
Calcined Kaolin, Talc, Mica and Baryte. Company is supplying various fillers
and extenders to 56 countries across the globe which includes Egypt, Kenya,
Mauritius, Sri Lanka, Bangladesh, UK, Germany, Italy, Greece, Spain, South
America, U.S.A., Malaysia, Singapore, Indonesia, Korea, U.A.E., Oman, Bahrain,
Saudi Arabia, Israel, Australia, New Zealand etc. Company has major leap in
Calcined Kaolin and Mica in multinational companies which may double the sales
and contribute to congenial profitability. The company has been successful in
attracting and creating a strong base for future strategic alliances with major
distribution in USA, Japan, Europe and Far East countries.
Export for the year 12-13
envisaged a growth of around 15% on FOB Value compared to previous financial
year. Current financial year registered around 18% of growth on FOB Value
compared to 12-13. There were challenges of maintaining the prices due to the
depreciation of INR. Other challenges were increased, sea and land freight have
been addressed well to maintain the steady growth and profitability. Though
slowdown in European Markets company has managed growth in other region such as
Africa and Sub Continent which are emerging as one of the promising Markets for
the Minerals for coming years.
For future Market
development, Company has started their representative offices in China and UAE,
Which would help to increase global business. Further company has market
promotional plan to participate in various exhibitions across the continent to
create market presence.
Company is aiming higher
sales turn over for coming years for export targeting around 20% growth on FOB
in the sales for the year 2014-15 and 30% growth on FOB value for the year
15-16.
MINING
Subject is pioneer in white
industrial minerals and possesses mining leases having sizable mineral reserves
of 93.95 lakhs MT and the life of the mine is more than 25 years at current
capacity. Bentonite and Diatomite mining leases are under exploration and the reserves
shown in the table below are probable since located in the potential mineral
block.
SUBSIDIARIES
20 Microns Nano Minerals
Limited
The Company holds 99.17%
equity shares of 20 Microns Nano Minerals Limited. The said Company is having a
state of the art In-house Research and Development facility which is registered
with Department of Science and Industrial Research (DSIR), Ministry of Science
and Technology, Government of India. During the year, the said Company reported
revenue from operations of Rs.196.627 millions and incurred Net Loss of
Rs.1.672 millions.
20 Microns SDN. BHD.
The Company holds 99.99% of
20 Microns Sdn. Bhd. During the year, the said Company reported Gross Revenue
of RM 28.79 Lacs and earned Net profit of RM 4.22 Lacs (Malaysian currency).
20 Microns FZE
The Company owns 100
percent of 20 Microns FZE. During the year ending 31/03/2014, the said Company
reported Revenue was AED 113.35 Lacs and the Net Profit was AED 21.00 Lacs.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
i.
From Banks |
0.000 |
0.000 |
|
ii.
From Financial Institution |
0.000 |
2.681 |
|
iii.
Deposits |
|
|
|
From
Public |
77.333 |
76.710 |
|
From
Related Parties |
7.175 |
9.505 |
|
iv.
Deferred Payment Liabilities |
|
|
|
Sales
Tax Deferment Loan (Deferred
Loan repaid in monthly installments) |
0.000 |
3.109 |
|
v.
Inter Corporate Deposit |
0.000 |
20.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Public
Deposits (Effective Rate of Interest being 9.75 % - 13.62 %) |
78.375 |
54.943 |
|
Inter
Corporate Deposits |
0.000 |
2.000 |
|
Loans
and Advances from Subsidiaries (Repayable
in single installment within one year and interest free) |
0.000 |
4.800 |
|
Total |
162.883 |
173.748 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10398364 |
20/12/2012 |
4,706,169.00 |
AXIS BANK LIMITED |
1ST FLOOR, WING - A,
FORTUNE TOWER, OPPOSITE PARSI AGIYARI, VSE BUILDING, VADODARA, GUJARAT -
390005, INDIA |
B66301946 |
|
2 |
10390494 |
05/06/2013 * |
1,743,700,000.00 |
STATE BANK OF INDIA- LEAD
BANK |
INDUSTRIAL FINANCE
BRANCH, MARBLE ARCH, RACE COURSE,, VADODARA, GUJARAT - 390007, INDIA |
B77339273 |
|
3 |
90095580 |
07/06/1996 |
1,640,000.00 |
GUJARAT INDUSTRIAL
INVESTMENT CORPORATION LIMITED |
CHUNIBHAI CHAMBERS ;
ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
4 |
80026756 |
13/05/2013 * |
1,743,700,000.00 |
STATE BANK OF INDIA -
LEAD BANK |
MID CORPORATE GROUP
INDUSTRIAL FINANCE BRANCH, MA |
B75986638 |
* Date of charge modification
CONTINGENT LIABILITIES
(AS ON 31.03.2014):
(i)
Claims against the company not acknowledged as debt:
The
Company does not have any claims note acknowledged as debt as on the balance
sheet date (Previous Year
Rs.
Nil)
(ii)
Other money for which the company is contingently liable - Matter under
dispute:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Demand of Sales Tax,
Value Added Tax and Central Sales Tax (An amount of Rs.0.310 million deposited
under protest) |
1.253 |
1.253 |
|
Claims from Excise and
Customs authorities not acknowledged as debt. (An amount of Rs.1.912 millions
deposited under protest) |
77.356 |
76.186 |
|
Demand
of Income Tax |
7.023 |
2.146 |
(iii) Guarantees and Letter
of Credits:
- Company has given
guarantee of Rs.122.500 millions (Previous Year Rs.122.500 millions) on behalf
of subsidiary company.
- Guarantee given by
Company’s Bankers in normal course of business Rs.3.946 millions (Previous Year
Rs.5.701 millions).
-
Inland / Foreign Letter of Credit issued by Bank Rs.189.642 millions (Previous
Year Rs. NIL).
UNAUDITED STANDALONE RESULTS FOR THE
QUARTER AND HALF YEAR ENDED 30.09.2014
(Rs. In Millions)
|
|
|
Standalone |
||
|
Sr |
Particulars |
Quarter ended |
Half Year ended |
|
|
No |
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
Income from
Operation |
|
|
|
|
a |
Sales |
895.640 |
843.398 |
1739.038 |
|
|
Less : Excise Duty |
31.731 |
30.872 |
62.603 |
|
|
Net Sales |
863.909 |
812.526 |
1676.435 |
|
b |
Other Operating Income |
0.729 |
0.697 |
1.426 |
|
|
Total income from
operations {net) |
864.638 |
813.223 |
1677.861 |
|
2 |
Expenditure |
|
|
|
|
a |
Consumption of Raw Materials |
449.121 |
405.566 |
854.687 |
|
b |
Changes in Inventories of Finished Goods |
(10.484) |
17.099 |
6.615 |
|
c |
Employees Benefits Expense |
71.497 |
67.044 |
138.542 |
|
d |
Depreciation and Amortization Expenses |
23.992 |
24.029 |
48.021 |
|
e |
Other Expenses |
276.450 |
249.252 |
525.702 |
|
|
Total Expenses |
810.577 |
762.990 |
1573.567 |
|
3 |
Profit From
Operations Before Other Income, Interest And Exceptional Item (1-2) |
54.061 |
50.233 |
104.295 |
|
4 |
Other Income |
17.225 |
15.109 |
32.334 |
|
5 |
Profit From Ordinary
Activities Before Finance And Exceptional Items (3+4) |
71.286 |
65.342 |
136.629 |
|
6 |
Finance Cost |
61.971 |
59.579 |
121.551 |
|
7 |
Profit From
Ordinary Activities After Finance Costs But Before Exceptional Items (5-6) |
9.315 |
5.763 |
15.078 |
|
8 |
Exceptional Items (Loss On Expiry Of Derivative Contracts) |
-- |
-- |
-- |
|
9 |
Profit From
Ordinary Activities Before Tax (7-8) |
9.315 |
5.763 |
15.078 |
|
10 |
Tax Expenses |
1.647 |
1.137 |
2.783 |
|
11 |
Net Profit From Ordinary
Activities After Tax (9-10) |
7.669 |
4.626 |
12.295 |
|
12 |
Extraordinary Items (Net Of Tax Expenses) |
-- |
-- |
-- |
|
13 |
Net Profit For The
Period (11-12) |
7.669 |
4.626 |
12.295 |
|
14 |
Paid - Up Equity Share Capital (Face Value of Shares Rs.5 Each) |
169.080 |
169.080 |
169.080 |
|
15 |
Reserve Excluding Revaluation Reserve As Per Balance Sheet of Previous Accounting Year |
-- |
-- |
-- |
|
16.i |
Earning Per Share (Before
Extraordinary Item) |
|
|
|
|
|
--Basic |
0.23 |
0.14 |
0.36 |
|
|
--Diluted |
0.23 |
0.14 |
0.36 |
|
16.ii |
Earning Per Share
(After Extraordinary Item) |
|
|
|
|
|
--Basic |
0.23 |
0.14 |
0.36 |
|
|
--Diluted |
0.23 |
0.14 |
0.36 |
SELECT INFORMATION
FOR THE QUARTER AND YEAR ENDED 30.09.2014
|
|
|
Standalone |
||
|
Sr No |
Particulars |
Quarter ended |
Year ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
I |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
--Number of Shares |
16115453 |
15488973 |
16115453 |
|
|
--Percentage of Shareholding |
47.66% |
45.80% |
47.66% |
|
2 |
Promoters and
Promoters Group Shareholding |
|
|
|
|
a) |
Pledge/ Encumbered |
|
|
|
|
|
- No. of Shares |
6700000 |
6700000 |
6700000 |
|
|
- Percentage of Shares (as a % of the total shareholding of shareholding of Promoters and Promoters Group) |
37.85% |
36.56% |
37.85% |
|
|
- Percentage of Shares (as a % of the total share Capital of the company) |
19.81% |
19.81% |
19.81% |
|
b) |
Non-Encumbered |
|
|
|
|
|
- No. of Shares |
11000449 |
11626929 |
11000449 |
|
|
- Percentage of Shares (as a % of the total shareholding of shareholding of Promoters and Promoters Group) |
62.15% |
63.44% |
62.15% |
|
|
- Percentage of Shares (as a % of the total share Capital of the company) |
32.53% |
34.38% |
32.53% |
|
INVESTOR COMPLAINTS |
Quarter Ended 30.09.2014 |
|
Pending at the beginning of Quarter, |
Nil |
|
Received during the Quarter |
Nil |
|
Resolved during the Quarter |
Nil |
|
Remaining unresolved at the end of the Quarter |
Nil |
Notes:
1. The above Financial Results were reviewed by the Audit Committee and approved by the Board of Directors in their Meeting held on 12.11.2014.
2. The Company operates in one business segment i.e. industrial minerals. The secondary segment is geographical which is given below for quarter ended September 30, 2014.
(Rs. In Millions)
|
Sales |
Standalone |
||
|
Quarter Ended |
Half Year Ended |
||
|
30.09.2014 (Unaudited) |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
Domestic |
813.800 |
748.097 |
1561.897 |
|
Exports |
81.840 |
95.301 |
177.141 |
|
Total |
895.640 |
843.398 |
1739.038 |
3. During the current year, the Company has revised the useful lives of fixed assets as per useful life specified in Schedule II to the Companies Act, 2013 or as reassessed by the Company as on 1 April 2014. Accordingly, the carrying value of fixed assets as on that date, net of residual value, has been depreciated over the revised remaining useful lives. As a result of this change, the depreciation charge for the quarter ended 30 September 2014 is lower by Rs.2.095 millions and for the six months ended 30 September 2014 is lower by Rs.4.190 millions. Further, the carrying value of assets (net of residual value), whose remaining useful life is Nil as at April 1, 2014, has been charged to the opening balance of retained earnings, net of deferred tax effect pursuant to the Companies Act, 2013.
4. Statutory Auditors of the Company have
carried out limited review of results for the quarter.
5. Figures for the previous year / period have
been regrouped / rearranged, wherever necessary to make them comparable.
STANDALONE STATEMENT
OF ASSETS AND LIABILITIES:
(Rs. In Millions)
|
SOURCES OF FUNDS |
30.09.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)
Shareholders' Funds |
|
|
(a) Share Capital |
169.080 |
|
(b) Reserves & Surplus |
580.662 |
|
Total
Shareholders’ Funds |
749.742 |
|
|
|
|
(2) Non-Current
Liabilities |
|
|
(a) Long-term borrowings |
465.776 |
|
(b) Deferred tax liabilities (Net) |
132.288 |
|
(c) Other long term
liabilities |
3.686 |
|
(d) Long-term
provisions |
0.000 |
|
Total Non-current
Liabilities |
601.750 |
|
|
|
|
(3) Current Liabilities |
|
|
(a) Short
term borrowings |
762.210 |
|
(b) Trade
payables |
587.569 |
|
(c) Other
current liabilities |
332.596 |
|
(d) Short-term
provisions |
6.101 |
|
Total Current
Liabilities |
1688.476 |
|
|
|
|
TOTAL EQUITY AND
LIABILITIES |
3039.968 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i)
Tangible assets |
1436.571 |
|
(ii)
Intangible Assets |
13.634 |
|
(iii)
Capital work-in-progress |
77.919 |
|
(iv)
Intangible assets under development |
0.000 |
|
(b) Non-current Investments |
73.792 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
117.913 |
|
(e) Other
Non-current assets |
29.719 |
|
Total Non-Current
Assets |
1749.548 |
|
|
|
|
(2) Current assets |
|
|
(a)
Current investments |
0.000 |
|
(b)
Inventories |
567.479 |
|
(c) Trade
receivables |
536.948 |
|
(d) Cash
and cash equivalents |
93.372 |
|
(e)
Short-term loans and advances |
71.417 |
|
(f) Other
current assets |
21.204 |
|
Total
Current Assets |
1290.420 |
|
|
|
|
TOTAL
ASSETS |
3039.968 |
FIXED ASSETS:
Tangible Assets
·
Freehold
Land
·
Leasehold
Land
·
Office
Building
·
Leasehold
Office Building
·
Factory
Building
·
Plant
And Machinery
·
Vehicles
·
Furniture
· Office Equipments
Intangible Assets
· Product Development
· SAP Expenses and Licence Fees
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.61.76 |
|
|
1 |
Rs.94.02 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
4 |
|
-- PROFITABILITY |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.