MIRA INFORM REPORT
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Report No. : |
333636 |
|
Report Date : |
25.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
BALKRISHNA INDUSTRIES LIMITED |
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Registered
Office : |
H-3/1, MIDC “A” Road, Tarapur, Boisar, Dist. Thane – 401506, Maharashtra |
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Tel. No.: |
91-22-66663800 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
20.11.1961 |
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Com. Reg. No.: |
11-012185 |
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Capital
Investment / Paid-up Capital : |
Rs. 193.317 Million |
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CIN No.: [Company Identification
No.] |
L99999MH1961PLC012185 |
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IEC No.: |
0388115556 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACB3333J |
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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
: |
Manufactures off-highway tires |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payment s are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating = AA- |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
29.05.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
29.05.2015 |
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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. Vipul R. Shah |
|
Designation : |
Finance Controller |
|
Contact No.: |
91-22-66663800 |
|
Date : |
23.07.2015 |
LOCATIONS
|
Registered Office : |
H -3/1, MIDC, ‘A’ Road, Tarapur (Boisar) Thane - 401506, Maharashtra, India |
|
Tel. No.: |
91-22-66663800 |
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Fax No.: |
91-22-66663898/99 |
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E-Mail : |
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|
Website : |
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|
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Head Office : |
BKT House, C/15, Trade World, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (W), Mumbai – 400013, Maharashtra, India |
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|
|
|
Tyre Manufacturing
: |
· B-66, Waluj MIDC, Waluj Industrial Area, Aurangabad-431136, Maharashtra, India · SP-923, RIICO Phase-III, P.O. Bhiwadi 301019, Dist. Alwar, Rajasthan, India · RIICO, Phase VIII, Chopanki P.O. Bhiwadi 301 707, Dist. Alwar Rajasthan, India · Village Padhdhar, Taluka Bhuj, Dist: Kachchh, Gujarat, India |
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CALENDERING : |
SP4 - 886, RIICO Industrial Area, Pathredi 301 707, Dist. Alwar, Rajasthan, India |
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Wind Farm : |
Village Soda Mada, Tehsil: Fatehgarh, Dist. Jaisalmer, Rajasthan, India |
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Mould Unit : |
Plot No. TS-1 and C-21, M.I.D.C, Phase No. II, Dombivali (E) 421 201, Dist. Thane, Maharashtra, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Dharaprasad Poddar |
|
Designation : |
Chairman Emeritus |
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|
Name : |
Mr. Arvind Poddar |
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Designation : |
Chairman and Managing Director |
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|
Name : |
Mr. Rajiv Poddar |
|
Designation : |
Joint Managing Director |
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|
Name : |
Mr. Vijaylaxmi Poddar |
|
Designation : |
Executive Director |
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|
Name : |
Mr. Vipul Shah |
|
Designation : |
Whole Time Director and Company Secretary |
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|
Name : |
Mr. Sachin Nath Chaturvedi |
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Designation : |
Director |
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Name : |
Mr. Rameshkumar Poddar |
|
Designation : |
Director |
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|
Name : |
Mr. Khurshed Doongaji |
|
Designation : |
Director |
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|
Name : |
Mr. Laxmidas Merchant |
|
Designation : |
Director |
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|
Name : |
Mr. Sanjay Asher |
|
Designation : |
Director |
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|
Name : |
Mr. Ashok Saraf |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Vipul Shah |
|
Designation : |
Whole Time Director and Company Secretary |
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MANAGEMENT
COMMITTEE |
|
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|
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|
Name : |
Mr. Dilip Vaidya |
|
Designation : |
Director (Technical) |
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|
Name : |
Mr. Basant Bansal |
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Designation : |
Director (Finance) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
56347740 |
58.30 |
|
|
270 |
0.00 |
|
|
56348010 |
58.30 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
56348010 |
58.30 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
15035808 |
15.56 |
|
|
1671 |
0.00 |
|
|
14851958 |
15.37 |
|
|
29889437 |
30.92 |
|
|
|
|
|
|
1629674 |
1.69 |
|
|
|
|
|
|
6140582 |
6.35 |
|
|
2294748 |
2.37 |
|
|
356144 |
0.37 |
|
|
354882 |
0.37 |
|
|
1262 |
0.00 |
|
|
10421148 |
10.78 |
|
Total Public shareholding (B) |
40310585 |
41.70 |
|
Total (A)+(B) |
96658595 |
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) |
96658595 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
S. No. |
Name Of The Shareholder |
Details Of
Shares Held |
|
|
No. Of Shares Held |
As A % Of Grand Total |
||
|
1 |
Rajiv A Poddar |
9,06,500 |
0.94 |
|
2 |
Vijaylaxmi Arvindkumar Poddar |
15,28,895 |
1.58 |
|
3 |
Rajiv Arvind Kumar Poddar |
1,63,290 |
0.17 |
|
4 |
Rameshkumar Dharaprasad Poddar |
100 |
0.00 |
|
5 |
Arvindkumar Mahabirprasad Poddar |
500 |
0.00 |
|
6 |
AKP Enterprises LLP |
2,39,98,445 |
24.83 |
|
7 |
RAP Enterprises LLP |
2,39,67,995 |
24.80 |
|
8 |
Khushboo Rajiv Poddar |
37,96,500 |
3.93 |
|
9 |
GPP Enterprises LLP |
3,33,100 |
0.34 |
|
10 |
Rishabh Sureshkumar Poddar |
7,18,915 |
0.74 |
|
11 |
Shyamlata Sureshkumar Poddar |
5,80,675 |
0.60 |
|
12 |
VKP Enterprises LLP |
125 |
0.00 |
|
13 |
TMP Enterprises LLP |
3,50,125 |
0.36 |
|
14 |
PKP Enterprises LLP |
125 |
0.00 |
|
15 |
HSP Enterprises LLP |
125 |
0.00 |
|
16 |
DPP Enterprises LLP |
125 |
0.00 |
|
17 |
Pawankumar Dharaprasad Poddar |
100 |
0.00 |
|
18 |
Ashadevi Rameshkumar Poddar |
100 |
0.00 |
|
19 |
Avnish Pawankumar Poddar |
100 |
0.00 |
|
20 |
Dharaprasad Ramrikhdas Poddar |
100 |
0.00 |
|
21 |
Madhudevi Pawankumar Poddar |
100 |
0.00 |
|
22 |
Vibhadevi Srhrikishan Poddar |
100 |
0.00 |
|
23 |
Shrikrishan Dharaprasad Poddar |
100 |
0.00 |
|
24 |
Sangeeta Pramodkumar Poddar |
100 |
0.00 |
|
25 |
Harshit Shrikishan Poddar |
100 |
0.00 |
|
26 |
Ankit Pramodkumar Poddar |
100 |
0.00 |
|
27 |
Anurag Pramodkumar Poddar |
100 |
0.00 |
|
28 |
Geetadevi Dharaprasad Poddar |
100 |
0.00 |
|
29 |
Gaurav Pramod Poddar |
100 |
0.00 |
|
30 |
Abhishek S Poddar |
100 |
0.00 |
|
31 |
Gaurav Poddar |
100 |
0.00 |
|
32 |
Dhara Prasad Poddar |
100 |
0.00 |
|
33 |
Dhara Prasad Poddar |
100 |
0.00 |
|
34 |
Dhara Prasad Poddar |
100 |
0.00 |
|
35 |
Ramesh Kumar Poddar |
100 |
0.00 |
|
36 |
Ramesh Kumar Poddar |
100 |
0.00 |
|
37 |
Pawan Kumar Poddar |
100 |
0.00 |
|
38 |
Shrikishan Poddar |
100 |
0.00 |
|
39 |
Balgopal Holding and Traders Limited |
50 |
0.00 |
|
40 |
Poddar Brothers Investment Private Limited |
50 |
0.00 |
|
41 |
S P Finance and Trading Limited |
50 |
0.00 |
|
42 |
Vishal Furnishings Limited |
50 |
0.00 |
|
43 |
Sanchna Trading and Finance Limited |
35 |
0.00 |
|
44 |
S P Investrade (India ) Limited |
35 |
0.00 |
|
|
Total |
5,63,48,010 |
58.30 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
HDFC Trustee Company Limited - HDFC Equity Fund |
4138266 |
4.28 |
4.28 |
|
|
2 |
HDFC Trustee Company Limited - A/c HDFC |
2420685 |
2.50 |
2.50 |
|
|
3 |
ICICI Prudential Value Discovery Fund |
1792849 |
1.85 |
1.85 |
|
|
4 |
Amansa Holding Private Limited |
1750000 |
1.81 |
1.81 |
|
|
5 |
Lata Bhansali |
1169425 |
1.21 |
1.21 |
|
|
6 |
Government Pension Fund Global |
1000800 |
1.04 |
1.04 |
|
|
|
Total |
12272025 |
12.70 |
12.70 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures off-highway tires. |
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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 Divulged |
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Imports : |
Not Divulged |
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|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· Corporation Bank · The Royal Bank of Scotland N.V. · Standard Chartered Bank · State Bank of India · ING Vysya Bank Limited · Barclays Bank Plc · Bank of Baroda · Indusind Bank Limited · Citi Bank N.A. · Australia And New Zealand Banking Group Limited · The Bank of Tokyo-Mitsubishi UFJ, Limited · Commonwealth Bank of Australia · Mizuho Bank Limited · The Bank of Nova Scotia · The Hongkong And Shanghai Banking Corporation Limited · United Overseas Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Jayantilal Thakkar and Company Chartered Accountants |
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|
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Internal Auditors: |
|
|
Name : |
Dilip A. Jain and Associates Chartered Accountants |
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|
|
|
Cost Auditors: |
R S Raghvan Cost Accountants |
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|
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Memberships : |
-- |
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Collaborators : |
-- |
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|
Other Related
Parties -(Enterprises-KMP having significant influence/owned by major
shareholders) : |
· Silk Mills Limited · Clothing Culture Limited · Nirvikara Paper Mills Limited, (w.e.f. 10.02.2015) |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
440000000 |
Equity Shares |
Rs. 2/- each |
Rs. 880.000 Million |
|
2000000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs. 20.000 Million |
|
|
Total |
|
Rs. 900.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96658595 |
Equity Shares |
Rs. 2/- each |
Rs. 193.317 Million |
|
|
|
|
|
Terms/rights attached
to equity shares:
All the Equity Shares have equal rights in respect of distribution of dividends and the repayment of capital.
Shareholder's holding
more than 5 % Shares in the Company
|
Name of Shareholders |
No. of Shares held |
% Holding |
|
RAP Enterprises LLP |
23967995 |
24.80 |
|
AKP Enterprises LLP |
23998445 |
24.83 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
193.317 |
193.317 |
193.317 |
|
(b) Reserves & Surplus |
22723.447 |
18654.717 |
13996.368 |
|
(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) |
22916.764 |
18848.034 |
14189.685 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
13592.771 |
16558.876 |
15042.878 |
|
(b) Deferred tax liabilities (Net) |
1886.512 |
1721.818 |
998.567 |
|
(c) Other long term
liabilities |
0.137 |
0.137 |
940.927 |
|
(d) long-term
provisions |
13.725 |
(7.540) |
(1.711) |
|
Total Non-current
Liabilities (3) |
15493.145 |
18273.291 |
16980.661 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
6334.492 |
6881.096 |
5592.639 |
|
(b) Trade
payables |
3799.072 |
3733.542 |
2410.033 |
|
(c) Other current
liabilities |
4248.654 |
720.520 |
497.429 |
|
(d) Short-term
provisions |
353.910 |
283.705 |
216.778 |
|
Total Current
Liabilities (4) |
14736.128 |
11618.863 |
8716.879 |
|
|
|
|
|
|
TOTAL |
53146.037 |
48740.188 |
39887.225 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
24134.766 |
23285.678 |
12765.514 |
|
(ii)
Intangible Assets |
12.838 |
8.752 |
11.537 |
|
(iii)
Capital work-in-progress |
6340.379 |
4763.386 |
9455.114 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
583.641 |
4265.131 |
329.134 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1664.107 |
2098.104 |
2791.579 |
|
(e) Other
Non-current assets |
14.560 |
4.407 |
0.085 |
|
Total Non-Current
Assets |
32750.291 |
34425.458 |
25352.963 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
3865.000 |
0.000 |
0.000 |
|
(b) Inventories |
3920.143 |
5290.777 |
4325.535 |
|
(c) Trade
receivables |
6018.350 |
6184.657 |
5044.915 |
|
(d) Cash
and cash equivalents |
4311.305 |
98.0470 |
2663.063 |
|
(e)
Short-term loans and advances |
2268.457 |
2739.379 |
2437.790 |
|
(f) Other current
assets |
12.491 |
1.870 |
62.959 |
|
Total
Current Assets |
20395.746 |
14314.730 |
14534.262 |
|
|
|
|
|
|
TOTAL |
53146.037 |
48740.188 |
39887.225 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
37799.056 |
35767.135 |
31905.704 |
|
|
|
Other Income |
2798.000 |
138.400 |
42.125 |
|
|
|
TOTAL (A) |
40597.056 |
35905.535 |
31947.829 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
19448.290 |
17119.945 |
18179.09 |
|
|
|
Purchases of Stock-in-Trade |
72.805 |
55.404 |
94.948 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
157.773 |
34.805 |
(364.397) |
|
|
|
Employees benefits expense |
1943.481 |
1385.763 |
1074.828 |
|
|
|
Other expenses |
8833.118 |
8233.278 |
6277.397 |
|
|
|
TOTAL (B) |
30455.467 |
26829.195 |
25261.866 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10141.589 |
9076.340 |
6685.963 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
464.037 |
249.739 |
256.81 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9677.552 |
8826.601 |
6429.153 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2402.023 |
1649.642 |
1077.136 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7275.529 |
7176.959 |
5352.017 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2387.414 |
2293.252 |
1793.679 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4888.115 |
4883.707 |
3558.338 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1424.268 |
765.920 |
877.166 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5000.000 |
4000.000 |
3500.000 |
|
|
|
Proposed Dividend |
231.981 |
193.317 |
144.988 |
|
|
|
Tax on Dividend |
46.343 |
32.042 |
24.596 |
|
|
BALANCE CARRIED
TO THE B/S |
1034.059 |
1424.268 |
765.920 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
30990.438 |
30931.262 |
28320.854 |
|
|
TOTAL EARNINGS |
30990.438 |
30931.262 |
28320.854 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
14067.676 |
14444.383 |
14100.899 |
|
|
|
Stores & Spares |
340.983 |
155.018 |
114.211 |
|
|
|
Capital Goods |
1003.135 |
2442.179 |
3003.820 |
|
|
|
Others |
7.750 |
12.215 |
8.594 |
|
|
TOTAL IMPORTS |
15419.544 |
17053.795 |
17227.524 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
50.57 |
50.53 |
36.81 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
3651.130 |
60.099 |
108.778 |
|
Cash generated from operations |
11920.340 |
7720.049 |
6933.229 |
|
Net cash from Operating Activities |
9789.140 |
5937.487 |
5501.166 |
QUARTERLY RESULTS
|
PARTICULARS |
1st Quarter 30th Sep |
2nd Quarter 31st Dec |
3rd Quarter 31st Mar |
|
Net Sales |
8813.100 |
9602.800 |
8934.700 |
|
Total Expenditure |
7262.000 |
7582.000 |
7527.600 |
|
PBIDT (Excl OI) |
1551.100 |
2020.800 |
1407.100 |
|
Other Income |
517.300 |
638.900 |
1574.200 |
|
Operating Profit |
2068.400 |
2659.700 |
2981.300 |
|
Interest |
131.300 |
96.500 |
86.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1937.100 |
2563.200 |
2894.900 |
|
Depreciation |
595.100 |
657.800 |
571.700 |
|
Profit Before Tax |
1342.000 |
1905.400 |
2323.200 |
|
Tax |
440.400 |
606.400 |
780.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
901.600 |
1299.000 |
1543.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
901.600 |
1299.000 |
1543.000 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
12.93 |
13.65 |
11.15 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
26.83 |
25.38 |
20.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.74 |
18.07 |
17.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.38 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.03 |
1.25 |
1.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.23 |
1.67 |
STOCK
PRICES
|
Face Value |
Rs.2.00 |
|
Market Value |
Rs.697.20 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
193.317 |
193.317 |
193.317 |
|
Reserves & Surplus |
13996.368 |
18654.717 |
22723.447 |
|
Net
worth |
14189.685 |
18848.034 |
22916.764 |
|
|
|
|
|
|
long-term borrowings |
15042.878 |
16558.876 |
13592.771 |
|
Short term borrowings |
5592.639 |
6881.096 |
6334.492 |
|
Current maturities of
long-term debts |
108.778 |
60.099 |
3651.130 |
|
Total
borrowings |
20744.295 |
23500.071 |
23578.393 |
|
Debt/Equity
ratio |
1.462 |
1.247 |
1.029 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
31905.704 |
35767.135 |
37799.056 |
|
|
|
12.103 |
5.681 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
31905.704 |
35767.135 |
37799.056 |
|
Profit |
3558.338 |
4883.707 |
4888.115 |
|
|
11.15% |
13.65% |
12.93% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity -Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
Yes |
|
8] |
Designation of contact person |
Yes |
|
9] |
Promoter’s background |
No |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
No |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
No |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10562263 |
08/05/2015 * |
16,600,000,000.00 |
Axis Trustee Services Limited |
2nd floor - E, Axis House, Bombay Dyeing, Mill Co |
C53835773 |
|
2 |
10324713 |
27/10/2014 * |
9,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
2ND FLOOR, AXIS HOUSE, BOMBAY DYEING MILL COMPOUND |
C32182917 |
|
3 |
10022020 |
14/09/2006 |
82,500,000.00 |
UTI BANK LTD |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G |
A05491667 |
|
4 |
80036583 |
07/02/2011 * |
5,122,312,500.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G |
B06124184 |
|
5 |
90158549 |
20/01/2005 |
58,600,000.00 |
UTI BANK LTD |
U. I. B., SIR P. M. ROAD; FORT, MUMBAI, Maharashtra - 400001, INDIA |
- |
|
6 |
90155617 |
07/05/1985 * |
7,000,000.00 |
IFCI BANK |
REGENT CHAMBERS, 5TH FLOOR; NARIMAN POINT, BOMBAY |
- |
|
7 |
90155561 |
07/05/1985 * |
2,400,000.00 |
THE ICICI LTD |
163; BAKCBAY RECLAMATION, BOMBAY, Maharashtra - 40 |
- |
UNSECURED LOAN
|
PARTICULAR |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Deferred Payment Liabilities |
|
|
|
- Deferred Sales Tax under the scheme of Government of Maharashtra (Payable after ten years, from the date of respective loan, in five annual equal installments) |
31.431 |
31.431 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from banks |
3849.037 |
2760.158 |
|
Total |
3880.468 |
2791.589 |
OPERATIONS:
The Company mainly operates in one single segment i.e. “tyres” with focus on manufacture of wide range of “Off-Highway Specialty Tyres”. These specialty tyres are meant for Agricultural, Industrial, Material Handling, Construction, Earthmoving (OTR), Forestry, Lawn & Garden Equipment and All-Terrain Vehicles (ATV). More than 85% of our revenue is generated through exports. However, during the year under consideration, consequent to scheme of arrangement under section 391 to 394 of the Company’s Act 1956, separately explained in detail in this report, the operations of the company for the part of the year also included activities relating to its erstwhile paper subsidiary. Therefore, the above referred figures for the current year are not comparable with that of previous year.
During the year under consideration, the Company’s Total Revenue from its tyre operations has increased from Rs. 35910.000 Million to Rs. 39190.000 Million after taking into account exchange difference attributable to exports. The profit before interest, depreciation and tax (PBIDT) attributable to tyre business of the company for the year under consideration has increased to Rs. 10140.000 Million from Rs. 9080.000 Million during previous year.
OUTLOOK FOR THE
CURRENT YEAR 2015-2016:
The Company’s earnings are mainly generated through exports to various countries across the globe. Due to recessionary trends prevailing across the globe, the business environment is tough and challenging. However, your company will continue to make sustained efforts towards growth.
The long-term prospects of the company are definitely positive and the company continues to expand its product range by widening its products offerings and venturing in to new geographies.
OPPORTUNITY AND
THREATS:
OPPORTUNITIES:
The company operates into a segment predominantly known as “large varieties -low volume segment”, which is not only capital intensive but also labour intensive. The Company is fully geared up to take advantage of the peculiarities of the said segment and has developed a large base of SKUs to meet the diverse needs and applications.
Moreover, this segment is neither exposed to any technological obsolescence nor wild fluctuations in demand for its products.
The Company has incremental opportunity to develop “Earth Moving Tyres” (OTR) markets and take advantage of the shift from bias to radial tires, which are growing up rapidly. In order to take advantage of this opportunity, the company has already set up an all-steel OTR Radial tyre plant at its Chopanki location and proud to be first company in India to set up such plant. The company is in the process of expanding its base into its various sub-segments like agricultural, industrial, construction, mining, winter and solid tyres under both technologies – bias as well as radials.
THREATS:
Like any other Company, The Company is also exposed to various threats like competition from small players, retention of employees, labor unrest, increase in raw material prices and other input costs etc.
RISKS / CONCERNS AND
RISK MITIGATION:
Fluctuation in Raw Material prices: The Company’s major raw material is Natural Rubber, which is an agricultural commodity and actively traded on the commodities exchanges. Its prices fluctuate significantly and have witnessed significant volatility in the past. Recently there has been a softening in the prices of natural rubber and other raw materials which are expected to continue for some more time in the back drop of subdued business environment across the globe.
In order to minimize such risks, the Company not only enters into medium-term contracts but also adopts the policy to “Buy and Stock” large quantities during the lean period.
Since most of the raw materials are imported, the company is exposed to foreign currency risk. However, it enjoys natural hedge as most of its revenues are in foreign currency.
Labour Relations: Since Company’s manufacturing process is that of batch processing, it requires lot of skilled as well as un-skilled workers. Maintaining a huge work force is a big challenge.
In order to mitigate the said risk, the Company follows good HR practices to promote the welfare, safety of its workmen and improve the work environment. All workers are paid more than adequate remuneration for their work.
Retention of skilled manpower: Like other players in the industry, the Company is also exposed to this risk, more particularly when there is shortage of skilled manpower in the industry.
The Company is able to manage the said risk by good HR practices and rewarding its employees handsomely.
Currency fluctuation: As stated earlier the company revenues are mainly generated through exports. The Company also imports lot of its raw materials and capital equipment’s. Moreover, all its borrowings are in foreign currency and it is therefore exposed to risks due to currency fluctuations.
The Company follows the system of hedging its receivables (net off payables) well in advance by entering into Forward Contracts, thereby protecting itself from the fluctuations in currencies.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
(i) Contingent
Liabilities |
|
|
|
(a) Claims against the Company not acknowledged as debts |
|
|
|
- Disputed claims for excise, sales tax, customs and service tax |
1037.777 |
1454.946 |
|
- Disputed income tax demands |
47.305 |
2.245 |
|
(b) Guarantees given by the Company's bankers on behalf of the Company against the Company's Indemnity |
150.590 |
134.101 |
|
(c) Corporate Guarantee given by the Company: |
3345.688 |
8587.500 |
|
- To the President of India through commissioner of Custom |
|
|
|
(ii) Commitments |
|
|
|
Estimated amount of contracts remaining to be executed on capital account and not provided for |
2047.190 |
2967.380 |
|
|
|
|
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Electric Installations
- Electric Installations
- Computer
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.63.71 |
|
|
1 |
Rs.99.57 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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.