MIRA INFORM REPORT

 

 

Report No. :

326147

Report Date :

08.06.2015

 

IDENTIFICATION DETAILS

 

Name :

ANUPAM INDUSTRIES LIMITED

 

 

Registered Office :

138, GIDC Estate, Vithal Udhyog Nagar, district Anand – 388121, Gujarat

Tel. No.:

91-2692-236118/ 235210

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

29.10.1998

 

 

Com. Reg. No.:

04-034888

 

 

Capital Investment / Paid-up Capital :

Rs.537.943 Million

 

 

CIN No.:

[Company Identification No.]

u29199gj1998plc034888

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCA9602G

 

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of EOT Cranes and Goliath Cranes.

 

 

No. of Employees :

1300 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an old well established company incorporated in the year 1998 having satisfactory track

 

The company has recorded dip in its profit in FY14 as compare to FY13. However, net worth and liquid position of the company is strong.

 

Trade relations are fair. Business is active. Payment terms are reported to be slow but correct

 

In a view of long standing existence, the company can be considered for business dealing at usual trade terms and conditions.

 

Note: There seems difference in profit amount in director’s report and schedules in FY14. For the analysis schedules profit is considered.

 

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 Bank Facilities =BBB-

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

February 09, 2015

 

Rating Agency Name

CARE

Rating

Short Term Bank Facilities=A3

Rating Explanation

Moderate degree of safety and higher credit risk.

Date

February 09, 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 PARTED BY

 

Name :

Mr. Jignesh

Designation :

Accounts Manager

Contact No.:

91-26-92236118

Date :

04.06.2015

 

 

LOCATIONS

 

Registered Office/ Corporate Office/ Factory 1 :

138, GIDC Estate, Vithal Udhyog Nagar, district Anand – 388121, Gujarat, India 

Tel. No.:

91-2692-236118/ 235210/ 236211

Mobile No.:

91-9998568151 (Mr. Gokul)

Fax No.:

91-2692-236324/ 235210

E-Mail :

anupamgroup@gmail.com

info@rushabhinfosoft.com

sales@anupamgroup.com

purchase@anupamgroup.com
service@anupamgroup.com
career@anupamgroup.com
anupamgroup@anupamgroup.com
anupam@anupamgroup.com

Website :

www.anupamgroup.com

Location :

Owned

 

 

Factory 2 :

Nadiad – Dakor road, Village Salun, Gujarat, India

 

Branches:

Located At:

 

  • Noida
  • Mumbai
  • Kolkata
  • Chennai

 

 

DIRECTORS

 

AS ON: 30.11.2014

 

Name :

Mr. Jagdishchandra Chhotalal Patel

Designation :

Whole Time Director

Address :

Anupam, Near Patel Press, Nana Bazar, Vallabh Vidyanagar-388120, Gujarat, India 

Date of Birth/Age :

06.01.1940

Date of Appointment :

01.04.2010

PAN

AEIPP4356G

DIN No.:

00509578

 

 

Name :

Mr. Mehul Jagdishchandra Patel

Designation :

Managing Director    

Address :

Anupam, Near Patel Press, Nana Bazar, Vallabh Vidyanagar-388120, Gujarat, India 

Date of Birth/Age :

17.07.1963

Qualification:

B. E. (Mech.)

Date of Appointment :

01.04.2010

PAN

ADRPP6875A

DIN No.:

00509597

 

 

Name :

Ms. Shreya Mehul Patel

Designation :

Whole Time Director

Address :

Anupam, Near Patel Press, Nana Bazar, Vallabh Vidyanagar-388120, Gujarat, India 

Date of Birth/Age :

13.12.1969

Qualification:

B. Sc. (Micro)

Date of Appointment :

01.04.2010

PAN

AKAPP7610D

DIN No.:

00509616

 

 

Name :

Mr. Rahul Dinesh Shah

Designation :

Director

Address :

Lanuvilla, B-2 and 3, 79-B, Tagore Road, Santacruz (West), Mumbai-400054, Maharashtra, India

Date of Birth/Age :

26.03.1963

Date of Appointment :

29.06.2012

DIN No.:

00030807

 

 

KEY EXECUTIVES

 

Name :

Mr. Jignesh

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON: 30.11.2014

 

Names of Equity Shareholders

 

No. of Shares

Jagdishchandra Chhotalal Patel

 

187997

Mehul Jagdishchandra Patel

 

3198367

Shreya Mehul Patel

 

414844

Kuntal Jagdishchandra Patel

 

2938

Pritesh Pramodbhai Patel

 

40

Meena Pritesh Patel

 

40

Aditya Birla Private Equity Trust A/C Aditya Birla Private Equity Fund, India

 

100

 

 

 

Total

 

3804326

 

 

Names of Preference Shareholders

 

No. of Shares

Mehul Jagdishchandra patel

16066

Aditya Birla Private Equity Trust A/c, India

483834

TOTAL

499900

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON: 30.11.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of EOT Cranes and Goliath Cranes.

 

 

Products :

Item Code No.

Product Description

84261100

E.O.T Cranes

99872303

Erection, Commissioning and Designing

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • Brazil
  • Middle East

 

 

Imports :

 

Products :

Raw Material

Countries :

Italy

 

 

Terms :

 

Selling :

Cash, Depend and Others

 

 

Purchasing :

Cash, Depend and Others

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

S R Steel

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Others

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

1300 (Approximately)

 

 

Bankers :

Banker Name

The Anand Mercantile Co-Operative Bank Limited

Branch Address

Mercantile, Maharshi Dayanand Marg, Anand-388001, Gujarat, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

·         Axis Bank, Trishul, 3rd Floor, Opposite Samtheshwar Mahadev, Law Garden, Eliss Bridge, Ahmedabad-380009, Gujarat, India  

 

·         State Bank of India, MID Corporate Group Industrial Finance Branch, Marble Arch, Race Cource Circle, Vadodara - 390007, Gujarat, India

 

·         Bank of Baroda, Nana Bazar, Vallabh Vidyanagar Branch, Vallabh Vidyanagar - 388120, Gujarat, India

 

·         Standard Chartered Bank, Abijeet II, Ground Floor, Near Mithkhali, Six Road, Ahmedabad - 380006, Gujarat, India

 

·         ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

From Banks

 

 

Term loans

120.326

129.184

Vehicle loans

0.085

0.645

 

 

 

From others

 

 

Corporate loan

76.923

138.462

 

 

 

SHORT TERM BORROWING

 

 

From Banks :-

 

 

Cash Credit

982.554

274.641

Demand Loans

235.000

193.248

Working Capital Loans

137.000

671.000

Total

1551.888

1407.180

 

Note:

 

  • Long-term Borrowings

 

Terms of Repayments and Securities of Secured Borrowings :-

 

Term Loans:-

 

State Bank of India

 

Terms of repayment: Term loan of Rs. 240.000 Million was sanctioned by State bank of India in financial year 2009 - 10 and carries interest @ 14.50% p.a. during the reporting period. It is repayable in 19 quarterly installment of Rs. 10.000 Million each starting from F.Y. 2010 - 11 and 4 quarterly installments of Rs. 12.500 Million each in F.Y. 2015 - 16.

 

Security: Term Loan is secured by first pari - passu charge by way of Equitable Mortgage over Company's Gross Block except specific vehicles, where finance is availed from other bank and second pari passu charge by way of hypothecation over all Current Assets of the Company and personal guarantee of three directors.

 

 

Axis Bank

 

Term Loan of Rs. 120.000 Million was sanctioned by Axis bank in F.Y. 2011-12 and carries interest @3.25 % over base rate, presently 13.25 % p.a. Term Loan is repayable in 20 equal quarterly installment of Rs. 6.000 Million commencing after a moratorium of 12 months from the date of First Disbursement.

 

Term Loan is secured by first pari-passu charges on entire fixed assets of the company (Both present and further) along with other term lenders, except those assets which are specifically charged to their respective lenders. Second pari-passu charges on entire current assets of the company (Both present and future) and personal guarantee of three directors.

 

2. Corporate Loan :-

 

Terms of repayment: Corporate loan was taken from Larsen and Toubro Finance Limited of Rs. 300.000 Million in the financial year 2011 -12 and carries interest @ 13% p.a. 1st installment is of Rs. 100.000 Million was already paid in financial year 2011 - 12 and balance of Rs. 200.000 Million is payable in 13 yearly equal installments of Rs. 15.400 Million each commencing from 01.04.2013.

 

Security: Corporate Loan is secured by second pari - passu charge by way of Equitable Mortgage over Company's Gross Block except specific vehicles, where finance is availed from other bank and second pari passu charge by way of hypothecation over all Current Assets of the Company and personal guarantee of directors.

 

3. Vehicle Loans :-

 

The vehicle loans were taken from Anand Mercantile Co-Operative Bank for various vehicles and are secured by hypothecation of the related vehicles. The same are repayable in equated monthly installments varying from Rs. 10600 to Rs. 16000 over a period of 36 to 60 months carrying a rate of interest of 9.50 % to 12.75%.

 

  • Short-term borrowings:

 

Security: Working capital loans from banks are secured by hypothecation of stock-in-trade, stores, spares and book debts and personal guarantee of three Directors.

 

Financial Institution:
  • 3i Infotech Trusteeship Services Limited, 3rd To 6th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai - 400703, Maharashtra, India

 

  • Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai - 400025, Maharashtra, India

 

  • IFCI Limited, IFCI Tower, 61, Nehru Place, New Delhi - 110019, India

 

  • Larsen and Toubro Finance Limited, Larsen and Toubro House, Ballard Estate, Mumbai - 400001, Maharashtra , India

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Heritage, 3rd Floor, Near Gujarat Vidyapith, Off Ashram Road, Ahmedabad-380014, Gujarat, India

Tel. No.:

91-79-27582542/ 27582543/ 66073100

Fax No.:

91-79-27582551

PAN No.:

AABFD7919A

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Wholly owned subsidiary :

Anupam Cranes and Equipment Private Limited

U29259GJ1992PTC016918

 

 

Joint Venture Company :

Anupam-MHI Industries Limited

U29100GJ2011PLC067084

 

 

Partnership Firm :

Anupam-MHI Combine

AATFA3374N

 

 

 

CAPITAL STRUCTURE

 

AS ON: 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4000000

Equity Shares

Rs.10/- each

Rs.40.000 Million

500000

Preference Shares

Rs.1000/- each

Rs.500.000 Million

 

 

 

 

 

Total

 

Rs.540.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3804326

Equity Shares

Rs.10/- each

Rs.38.043 Million

499900

Preference Shares

Rs.1000/- each

Rs.499.900 Million

 

 

 

 

 

Total

 

Rs.537.943 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

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

537.943

537.943

537.943

(b) Reserves & Surplus

1545.655

1516.185

1417.774

(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)

2083.598

2054.128

1955.717

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

244.607

299.877

354.476

(b) Deferred tax liabilities (Net)

95.886

80.223

59.837

(c) Other long term liabilities

0.000

0.000

48.123

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

340.493

380.100

462.436

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1490.147

1186.165

1025.429

(b) Trade payables

807.835

1026.107

1047.742

(c) Other current liabilities

843.653

737.162

464.894

(d) Short-term provisions

3.705

4.587

4.420

Total Current Liabilities (4)

3145.340

2954.021

2542.485

 

 

 

 

TOTAL

5569.431

5388.249

4960.638

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1312.662

1399.122

1245.663

(ii) Intangible Assets

19.705

45.185

72.366

(iii) Capital work-in-progress

70.049

89.946

4.958

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

631.9

402.4

402.4

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

70.576

88.52

74.631

(e) Other Non-current assets

259.804

269.039

193.337

Total Non-Current Assets

2364.696

2294.212

1993.355

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

881.56

979.672

1152.36

(c) Trade receivables

1453.503

1443.31

1349.374

(d) Cash and cash equivalents

80.696

107.281

83.489

(e) Short-term loans and advances

104.21

57.257

96.343

(f) Other current assets

684.766

506.517

285.717

Total Current Assets

3204.735

3094.037

2967.283

 

 

 

 

TOTAL

5569.431

5388.249

4960.638

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Revenue from Operations

2783.018

2855.502

2789.352

 

Other Income

151.62

8.409

8.565

 

TOTAL (A)

2934.638

2863.911

2797.917

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

1543.818

1443.917

1892.391

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

96.435

140.317

(193.066)

 

Employees benefits expense

178.367

192.58

236.611

 

Other expenses

592.793

557.39

536.806

 

Exceptional Items

0.000

0.000

(179.225)

 

TOTAL (B)

2411.413

2334.204

2293.517

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)  (C)

523.225

529.707

504.400

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

364.229

305.822

224.411

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

158.996

223.885

279.989

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

81.679

79.506

65.935

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

77.317

144.379

214.054

 

 

 

 

 

Less

TAX (H)

47.789

45.91

69.132

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

29.528

98.469

144.922

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD  (J)

124.03

25.619

20.755

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

 0.000

0.000 

140

 

Proposed dividend

0.05

0.05

0.05

 

Distribution tax on proposed dividend

0.008

0.008

0.008

 

Total (K)

0.058

0.058

140.058

 

 

 

 

 

 

Balance Carried to the B/S (I+J-K)

153.500

124.030

25.619

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

275.746

270.374

96.634

 

TOTAL EARNINGS

275.746

270.374

96.634

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

216.064

83.347

124.823

 

TOTAL IMPORTS

216.064

83.347

124.823

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

7.75

25.87

38.08

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover

 

 

3000.000

 

 

The above information has been parted by Mr. Jignesh (Accounts Manager)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

130.348

114.495

42.119

Cash generated from operations

239.037

475.403

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

1.06

3.45

5.20

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

18.80

18.55

18.08

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.59

2.95

4.70

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.04

0.07

0.11

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.90

0.78

0.73

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.02

1.05

1.17

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

537.943

537.943

537.943

Reserves & Surplus

1417.774

1516.185

1545.655

Net worth

1955.717

2054.128

2083.598

 

 

 

 

long-term borrowings

354.476

299.877

244.607

Short term borrowings

1025.429

1186.165

1490.147

Current maturities of long-term debts

42.119

114.495

130.348

Total borrowings

1422.024

1600.537

1865.102

Debt/Equity ratio

0.727

0.779

0.895

 

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Revenue from Operations

2789.352

2855.502

2783.018

 

 

2.372

(2.538)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Revenue from Operations

2789.352

2855.502

2783.018

Profit

144.922

98.469

29.528

 

5.20%

3.45%

1.06%

 

 

 

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

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

Yes

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 four 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

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

Note: Registered office of the company has been shifted from “138, GIDC, Vithal Udhyog Nagar, Vallabh Vidyanagar, District Anand-388121, Gujarat, India” to the present address (w. e. f. 01.09.2011.)

 

 

BACKGROUND:

 

The Company was laid in 1973. During its span of more than 3 decades, it has supplied more than 4000 Cranes. The Company has its own manufacturing facilities in Anand and Nadiad of Gujarat, India. The Company has recently entered into strategic joint venture by joining hands with Japanese manufacturing giant Mitsubishi Heavy

Industries Limited and formed Anupam MHI Industries Limited whereby it looks to exploit the oligopolistic market in Port Cranes manufacturing segment in India.

 

OPERATIONAL AND FINANCIAL REVIEW:

 

During the year, net sales and erection and other charges amounted to Rs. 2756.400 Million as against Rs. 2841.200 Million in the previous year which reflected a nominal decline of approximately 3 % in sales as compared to the previous year. The performance of the company was adversely affected on account of execution of orders with low margins during the year. The continuation of general recessionary conditions prevailing in the Indian economy and more particularly, the Power, Infrastructure and Steel Sectors has resulted in nominal profit before tax.

 

The Earnings before Depreciation, Interest and Tax (EBIDTA) for the current financial year is Rs. 390.500 Million as against Rs. 529.700 Million in the corresponding previous year. The significant decrease in earnings before depreciation, interest and tax was attributable to lower margins and high material consumption. The Profit before Tax, excluding exceptional income was correspondingly low at Rs. 6.100 Million as against Rs. 144.400 Million in the previous year. Profit after Tax for the year is Rs. 31.600 Million as against Rs. 98.500 Million for the previous year.

 

The Company sold surplus land at Dahej during the year the profit on sale of land was Rs. 132.700 Million included in Other Income. The Company has some old receivables outstanding for more than three years. The Company has made a provision of Rs. 61.500 Million for these doubtful debts and the same is reflected in Other Expenses.

 

The Company’s order book position is fairly good and with the orders in hand which are expected to be executed during F.Y. 2014 - 15, the company expects to maintain at the same level, its turnover during the current year, as compared to F.Y. 2013. The margins however are expected to improve with execution of a few profitable orders during current year and will help the company to maintain sustainable growth.

 

FUTURE OUTLOOK:

 

There are positive signals after the change in the political scenario in the Centre and industrial production has already started showing upward trends. The interest rates are also expected to soften, although the impact of the same will be felt only in next financial year. With the initiative taken by the Central Government in the field of coal sector which will have direct impact on the power sector as well as the emphasis on development of infrastructure, fresh investments are expected to provide the long awaited impetus to the industry.

 

The power sector, steel sector and manufacturing sector, which form major customer base for the company’s products, will definitely improve in coming years. The power sector which had been languishing due to fuel supply constraints is expected to be resolved with the policy reforms whereas the steel and manufacturing sectors which were hit hard in the severe recessionary conditions are also expected to show improvement in next couple of years. Further, all the major investments in SAIL projects which were held up since last couple of years have now taken off, and the momentum of the projects in form of bid submission and tender evaluation has started. This will give us a good business opportunity for substantial improvement in order book position.

All this positive development will certainly help the Company to achieve substantially high growth rate in near future.

 

UNSECURED LOAN:

 

Particular

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Loans from Directors

47.273

31.586

Short-term borrowings

 

 

Short Term Loan

30.000

0.000

Buyers Credit

105.593

47.276

Total

182.866

78.861

 

 

INDEX OF CHARGES:

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10555292

18/02/2015

4,069,000,000.00

Axis Trustee Services Limited

AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PAND-URANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARASHTRA - 400025, INDIA

C46798880

2

10551092

17/02/2015

250,000,000.00

IFCI LIMITED

IFCI TOWER, 61, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA

C44586147

3

10331614

17/08/2012 *

300,000,000.00

Larsen and Toubro FINANCE LIMITED

LARSEN AND TOUBRO HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA 
- 400001, INDIA

B56965577

4

10278181

22/12/2014 *

4,205,100,000.00

STATE BANK OF INDIA

MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURCE CIRCLE, VADODARA, GUJARAT - 
390007, INDIA

C43111970

5

10254067

03/12/2010

300,000,000.00

BANK OF BARODA

NANA BAZAR, VALLABH VIDYANAGAR BRANCH, VALLABH VIDYANAGAR, GUJARAT - 388120, INDIA

B00627869

6

10248350

24/09/2012 *

1,100,000,000.00

AXIS BANK LIMITED

TRISHUL, 3RD FLOOR, OPPOSITE SAMTHESHWAR MAHADEV, LAW 
GARDEN, ELISS BRIDGE, AHMEDABAD, GUJARAT - 380009, 
INDIA

B60272374

7

10178780

30/06/2014 *

957,200,000.00

STATE BANK OF INDIA

MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURCE CIRCLE, VADODARA, GUJARAT - 
390007, INDIA

C10095131

8

10159552

27/05/2009

403,231,000.00

STANDARD CHARTERED BANK

ABIJEET II, GROUND FLOOR, NEAR MITHKHALI, SIX ROAD, AHMEDABAD, GUJARAT - 380006, INDIA

A63058358

9

10117263

29/04/2013 *

900,000,000.00

3i Infotech Trusteeship Services Limited

3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA

B74408253

10

10112840

22/11/2010 *

400,000,000.00

Standard Chartered Bank

ABHIJEET II, GROUND FLOOR, NEAR MITHAKHALI SIX ROAD, AHMEDABAD, GUJARAT - 380006, INDIA

 

 

CONTINGENT LIABILITIES:

 (Rs. in million)

PARTICULARS

31.03.2014

31.03.2013

Guarantees issued by Banks

1236.626

1296.934

Disputed INCOME TAX demand pending under appeal

2.961

2.961

Disputed Director General of Central Excise & Investigation demand pending under appeal

56.565

0.000

Disputed Excise demand pending under appeal with Customs, Excise and Service Tax Appellate Tribunal, West Zonal Bench, Ahmedabad

38.973

0.743

Unreleased EMD with Vishakhapatnam Steel Plant

3.750

3.750

Factoring of Receivables

198.849

376.480

Corporate Guarantee given to Bankers on behalf of Anupam-MHI Industries Limited

280.000

500.000

 

 

FIXED ASSETS:

 

  • Land
  • Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Office equipment

 

 

 

 

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 records 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. 63.90

UK Pound

1

Rs. 97.98

Euro

1

Rs. 71.82

 

 

INFORMATION DETAILS

 

Information Gathered by :

NNA

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

THR

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

4

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

43

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.