MIRA INFORM REPORT
|
Report No. : |
328234 |
|
Report Date : |
20.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
STOVEC INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
N.I.D.C. Near Lambha Village, Post: Narol, Ahmedabad-382405, Gujarat |
|
Tel. No.: |
91-79-30412300 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2014 |
|
|
|
|
Date of
Incorporation : |
05.06.1973 |
|
|
|
|
Com. Reg. No.: |
050790 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 20.880 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45200GJ1973PLC050790 |
|
|
|
|
IEC No.: |
0888014201 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS01052C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS7223D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of
Perforated Nickel Rotary Screens, Rotary Screen Printing Machines, Anilox Rollers,
Engraving Chemicals, Engraving Equipment’s, Rotamesh Screens, Rotaplate and
Sugar Screens. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track record. Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitment. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
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
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Mr. Vipul Barsar |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-79-30412300 |
|
Date : |
18.06.2015 |
LOCATIONS
|
Registered Office/ Factory : |
N.I.D.C. Near Lambha Village, Post: Narol, Ahmedabad-382405, Gujarat,
India |
|
Tel. No.: |
91-79-30412300 |
|
Fax No.: |
91-79-25710406 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.12.2014
|
Name : |
Mr.
K. M. Thanawalla |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
24.12.1942 |
|
Qualification : |
He is a commerce graduate
from the Bombay University. He is a fellow of The Institute of Chartered
Secretaries and Administrators, London. He is also an Associate of The Textile
Institute, U.K. and of the British Institute of Management. |
|
Expertise
in Specific Functional Areas : |
Marketing
and General Management |
|
Date of Appointment : |
28.01.2005 |
|
Other Directorship : |
·
Mandhana Industries Limited ·
Varun Gas Infrastructure Limited · Fairfield Atlas Limited |
|
|
|
|
Name : |
Mr.
Dirk Wim Joustra |
|
Designation : |
Director |
|
Date of Birth/Age : |
08.02.1958 |
|
Qualification : |
He
holds a degree in Business Administration from HTS Enschede Institute de
Baak, Noordwijk and Institute Nijenrode. |
|
Expertise in Specific Functional Areas : |
Sales
and Marketing |
|
Date of Appointment : |
29.01.1999 |
|
|
|
|
Name : |
Mr.
Aschwin N.R.M. Hollander |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Marco Philippus A. Wadia |
|
Designation : |
Director |
|
Date of Birth/Age : |
30.01.1956 |
|
Qualification : |
B.A.
(Hons), L.L.B |
|
Expertise in Specific Functional Areas : |
Law |
|
Other Directorship : |
·
Zuari Agro Chemicals Limited ·
Chambal Fertilizers and Chemicals Limited ·
Gobind Sugar Mills Limited ·
Johnson and Johnson Limited ·
Jost’s Engineering Company Limited ·
Paradeep Phosphates Limited ·
Simon India Limited · Zuari Global Limited |
|
|
|
|
Name : |
Ms.
Everdina Herma Slijkhuis |
|
Designation : |
Additional
Director |
|
Date of Birth/Age : |
16.05.1968 |
|
Qualification : |
She has studied Economics
from University of Groningen, The Netherlands. She has also studied Chartered
Accountancy and Information Management from Nivra-Nijenrode Institute, The
Netherlands. |
|
Expertise
in Specific Functional Areas : |
Finance |
|
Date of Appointment : |
19.02.2015 |
|
|
|
|
Name : |
Mr.
Shailesh Wani |
|
Designation : |
Managing
Director |
|
Qualification : |
Bachelor’s degree in
Engineer ing and has done M.P.T. (Management Programme for Technologists) from
IIM, Bangalore. He has also done post-graduation in Cost Accounting (ICWA)
from The Institute of Cost and Works Accountants of India. |
|
Experience : |
27 years of experience in
Sales, Marketing, Operations Management and Finance. |
KEY EXECUTIVES
|
Name : |
Mr. Vipul Barsar |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Mr.
Girish M. Deshpande |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Ms.
Varsha Adhikari |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
1483777 |
71.06 |
|
|
1483777 |
71.06 |
|
Total shareholding of Promoter
and Promoter Group (A) |
1483777 |
71.06 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
0 |
0.01 |
|
|
362 |
0.10 |
|
|
362 |
0.11 |
|
|
|
|
|
|
28972 |
1.45 |
|
|
|
|
|
|
353584 |
23.52 |
|
|
48521 |
2.32 |
|
|
27914 |
1.53 |
|
|
12622 |
0.60 |
|
|
3310 |
0.28 |
|
|
11982 |
0.64 |
|
|
0 |
0.00 |
|
|
458991 |
28.83 |
|
Total Public shareholding (B) |
459353 |
28.94 |
|
Total (A)+(B) |
1943130 |
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) |
1943130 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of Perforated Nickel Rotary Screens, Rotary Screen Printing Machines, Anilox
Rollers, Engraving Chemicals, Engraving Equipment’s, Rotamesh Screens, Rotaplate
And Sugar Screens. |
|
|
|
|
Products : |
·
Rotary Screen Printing Machines ·
Anilox Rollers ·
Engraving Chemicals ·
Engraving Equipment’s ·
Rotamesh Screens · Rotaplate And Sugar Screens, etc |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
-- |
|
|
|
|
Imports : |
-- |
|
|
|
|
Terms : |
Not Available |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Axis Bank Limited |
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|
||||||||||||||||||||||
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Facilities : |
-- |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price
Waterhouse Chartered Accountants |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company: |
SPGPrints
B.V. |
|
|
|
|
Ultimate Holding Company: |
SPGPrints
Group B.V. |
|
|
|
|
Wholly Owned Subsidiary : |
Atul
Sugar Screens Private Limited |
|
|
|
|
Fellow
Subsidiaries Where Common Control Exists And Transactions Have Taken Place : |
·
SPGPrints Printing Systems Wuxi Company
Limited ·
SPGPrints Austria GMBH ·
Veco B.V. ·
SPGPrints Brasil Limited |
CAPITAL STRUCTURE
AS ON 31.12.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2900000 |
Equity Shares |
Rs. 10/- each |
Rs. 29.000 Million |
|
10000 |
Preference Shares |
Rs. 100/- each |
Rs. 1.000 Million |
|
|
Total |
|
Rs. 30.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2088016 |
Equity Shares |
Rs. 10/- each |
Rs. 20.880
Million |
|
|
|
|
|
a)
Reconciliation of number of shares
|
Particulars |
31.12.2014 |
|
|
(No. of Shares) |
(Rs. In Million) |
|
|
Balance
at the beginning of the year |
2.088 |
20.880 |
|
Add:
Shares issued during the year |
0.000 |
0.000 |
|
Balance
as at the end of the year |
2.088 |
20.880 |
b)
Rights, preferences and restrictions attached to shares
Equity shares: The Company has one class
of equity shares having a par value of ` 10 per share. Each shareholder is eligible
for one vote per share held. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the Company after
distribution of all preferential amount , in proportion to their shareholding.
c) Shares in the company
held by its Holding Company and subsidiaries of Holding Company in aggregate
|
Particulars |
No. of Shares |
(Rs. In Million) |
|
1,482,493 Equity shares
of Rs. 10/- each fully paid up are held by SPGPrints B.V. The Netherlands, 14,824,930
14,824,930 the Holding Company. |
14.825 |
14.825 |
d) Details of equity
shares held by shareholders holding more than 5% shares of the aggregate shares
in the Company
|
Particulars |
No. of Shares |
Percentage |
|
SPGPrints
B.V. - The Netherlands, the Holding Company |
1.482 |
71% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
20.880 |
20.880 |
20.880 |
|
(b) Reserves & Surplus |
555.264 |
483.247 |
414.247 |
|
(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) |
576.144 |
504.127 |
435.127 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
11.690 |
8.145 |
7.998 |
|
(c)
Other long term liabilities |
1.158 |
1.146 |
1.111 |
|
(d)
long-term provisions |
19.829 |
23.957 |
21.239 |
|
Total
Non-current Liabilities (3) |
32.677 |
33.248 |
30.348 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
135.763 |
78.257 |
91.081 |
|
(c)
Other current liabilities |
89.339 |
50.272 |
37.499 |
|
(d)
Short-term provisions |
43.887 |
42.003 |
36.343 |
|
Total
Current Liabilities (4) |
268.989 |
170.532 |
164.923 |
|
|
|
|
|
|
TOTAL |
877.810 |
707.907 |
630.398 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
178.692 |
125.648 |
132.030 |
|
(ii)
Intangible Assets |
70.309 |
1.101 |
0.620 |
|
(iii)
Capital work-in-progress |
0.145 |
4.630 |
1.403 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.103 |
0.003 |
19.881 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
18.100 |
16.494 |
20.528 |
|
(e)
Other Non-current assets |
5.820 |
1.879 |
2.579 |
|
Total
Non-Current Assets |
273.169 |
149.755 |
177.041 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
29.368 |
0.000 |
|
(b)
Inventories |
195.326 |
108.757 |
101.593 |
|
(c)
Trade receivables |
198.111 |
133.061 |
124.067 |
|
(d)
Cash and cash equivalents |
133.509 |
265.716 |
210.950 |
|
(e)
Short-term loans and advances |
72.145 |
11.147 |
9.107 |
|
(f)
Other current assets |
5.550 |
10.103 |
7.640 |
|
Total
Current Assets |
604.641 |
558.152 |
453.357 |
|
|
|
|
|
|
TOTAL |
877.810 |
707.907 |
630.398 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
949.089 |
772.756 |
730.890 |
|
|
|
Other Income |
31.399 |
34.654 |
31.154 |
|
|
|
TOTAL (A) |
980.488 |
807.410 |
762.044 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
454.801 |
372.641 |
371.868 |
|
|
|
Purchases of Stock-in-Trade |
95.480 |
70.092 |
56.086 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(24.688) |
(10.498) |
12.168 |
|
|
|
Employees benefits expense |
115.407 |
87.201 |
86.722 |
|
|
|
Other expenses |
147.563 |
121.072 |
111.743 |
|
|
|
TOTAL (B) |
788.563 |
640.508 |
638.587 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
191.925 |
166.902 |
123.457 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.630 |
0.758 |
1.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
191.295 |
166.144 |
122.457 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.149 |
14.960 |
15.429 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ LOSS
BEFORE TAX (E-F) (G) |
165.146 |
151.184 |
107.028 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
54.138 |
45.369 |
33.035 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ LOSS
AFTER TAX (G-H) (I) |
111.008 |
105.815 |
73.993 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
253.478 |
195.478 |
154.952 |
|
|
|
|
|
|
|
|
|
Less |
SHORT PROVISION ON EARLIER YEAR'S DIVIDEND |
0.000 |
0.172 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
11.500 |
11.000 |
7.500 |
|
|
|
Dividend on equity shares |
32.364 |
31.320 |
22.342 |
|
|
|
Tax on Dividend |
6.627 |
5.323 |
3.625 |
|
|
BALANCE CARRIED
TO THE B/S |
313.995 |
253.478 |
195.478 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
51.564 |
81.410 |
41.106 |
|
|
|
Commission Earnings |
7.978 |
4.156 |
1.691 |
|
|
|
Other Earnings |
0.080 |
0.430 |
0.415 |
|
|
TOTAL EARNINGS |
59.622 |
85.996 |
43.212 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
302.927 |
221.622 |
201.258 |
|
|
|
Stores & Spares |
2.536 |
1.766 |
1.387 |
|
|
|
Capital Goods |
15.610 |
0.719 |
5.878 |
|
|
|
Others |
70.590 |
43.805 |
38.232 |
|
|
TOTAL IMPORTS |
391.663 |
267.912 |
246.755 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
53.16 |
50.68 |
35.44 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
103.561 |
127.817 |
135.025 |
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2015 |
|
Type |
1rd Quarter |
|
Net Sales |
326.490 |
|
Total Expenditure |
250.290 |
|
PBIDT (Excl OI) |
76.200 |
|
Other Income |
6.490 |
|
Operating Profit |
82.690 |
|
Interest |
0.29 |
|
Exceptional Items |
NA |
|
PBDT |
82.400 |
|
Depreciation |
15.480 |
|
Profit Before Tax |
66.920 |
|
Tax |
22.540 |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
44.380 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
44.380 |
KEY
RATIOS
|
PARTICULARS |
|
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
11.70 |
13.69 |
10.12 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
20.22 |
21.60 |
16.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.82 |
21.50 |
17.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.30 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.25 |
3.27 |
2.75 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities of
Long-term debts
STOCK
PRICES
|
Face Value |
Rs. 10/- |
|
|
|
|
Market Value |
Rs. 1100/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
20.880 |
20.880 |
20.880 |
|
Reserves & Surplus |
414.247 |
483.247 |
555.264 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
435.127 |
504.127 |
576.144 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
730.890 |
772.756 |
949.089 |
|
|
|
5.728 |
22.819 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
730.890 |
772.756 |
949.089 |
|
Profit |
73.993 |
105.815 |
111.008 |
|
|
10.12% |
13.69% |
11.70% |
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 |
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 |
No |
|
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 |
90228917 |
08/05/1990 * |
5,000,000.00 |
GIIC LIMITED |
CHUNIBHAI CHAMBERS, ASHRAM ROAD, AHMEDABAD-
380009, MAHARASHTRA, INDIA |
- |
|
2 |
90228427 |
28/06/1991 |
4,991,222.00 |
BANK OF MAHRASHTRA |
LALBAUG, MUMBAI- 400012, MAHARASHTRA, INDIA |
- |
|
3 |
90228296 |
27/03/1991 * |
1,900,000.00 |
IFCI |
EARNEST HOUSE, NARIMAN POINT, MUMBAI- 400021,
MAHARASHTRA |
- |
|
4 |
90228290 |
02/05/1990 |
210,875.00 |
THE ICICI LIMITED |
163; BACKBAY RECLAMATION, MUMBAI- 400020,
MAHARASHTRA, INDIA |
- |
|
5 |
90228007 |
04/12/1985 * |
2,500,000.00 |
ICICI LIMITED |
163; BACKBAY RECLAMATION, MUMBAI- 400020,
MAHARASHTRA, INDIA |
- |
|
6 |
90227768 |
08/05/1990 * |
5,000,000.00 |
GIIC LIMITED |
CHUNIBHAI CHAMBERS, ASHRAM ROAD, AHMEDABAD-
380009, GUJARAT, INDIA |
- |
|
7 |
90227761 |
08/05/1990 * |
6,774,000.00 |
ICICI LIMITED |
163; BACKBAY RECLAMATION, MUMBAI- 400020,
MAHARASHTRA, INDIA |
- |
|
8 |
90227735 |
27/09/1984 |
2,500,000.00 |
THE ICICI LTD |
163; BACKBAY RECLAMATION, MUMBAI- 400020,
MAHARASHTRA, INDIA |
- |
* Date of charge modification
GENERAL
INFORMATION:
The Company was
incorporated in 1973, in Ahmedabad, Gujarat. The Company is listed on Bombay
Stock Exchange and Ahmedabad Stock Exchange. The Company has three major
Business segments : Textile Machinery and Consumables, Graphics Consumables and
Galvanic. “Textile Machinery and Consumables” segment includes Perforated
Rotary Screens, Laquer and Auxiliary Chemicals, Digital Ink, Rotary Screen
Printing Machine, Engraving Equipment, Components and Spares. “Graphics
Consumables” segment includes Anilox Rollers, Rotamesh screens and RotaPlate.
“Galvanic” Segment includes Galvano Consumables.
PERFORMANCE
OVERVIEW:
The Company has
demonstrated overall good performance during the year and has achieved revenue
from operations of Rs. 949.090 Million (Previous year Rs. 772.760 Million); a
growth of about 23 % in comparison to prior year, contributed by growth in
sales of all product lines driven by increased market presence. The Company has
achieved Profit before Tax of Rs. 165.150 Million (Previous year Rs. 151.180
Million), a growth of about 9 % in comparison to prior year. The Company
achieved milestone in its history and crossed the mark of Rs. 1.000 Million
during the financial year 2014 recording consolidated revenue from operations
of Rs. 1023.440 Million, an overall increase of about 32 % in the revenue. The
Company’s consolidated Profit before Tax for the financial year 2014 stood at
Rs. 172.520 Million.
INDUSTRY
STRUCTURE AND DEVELOPMENT:
The Company, The Netherlands
(Formerly known as Stork Group) and is a Market leader in India for Rotary
Screens and Printing Machines. Stovec essentially operates in three verticals
viz. Textile Printing, Graphics Printing and Sugar Filtration.
India’s textiles sector is one
of the mainstays of the national economy and one of the largest contributing
sector of India’s exports contributing about 17 % to the country’s total export
basket. The textile sector has two broad segments, the unorganized sector
comprising of handloom, handicrafts, sericulture, power looms and the organized
sector consisting by and large of spinning, apparel, garmenting, made-ups. The
large part of Stovec’s product portfolio goes into textile industry, an
Industry which accounts for around 4-5 % of GDP, 14% of industrial production,
17 % of country’s total export earnings and is country’s 2nd largest industry
in terms of employment generation. During the year, performance of the textile
industry has been moderate.
Indian Graphic Industry and
more specifically Label Printing Industry is developing strongly and is growing
by about 10-15 %. The industry has rapidly evolved and is global in its outlook
and delivery. Entry of International Brands will play a key role in increasing
the demand driven by a need for high quality label printing.
Stovec is in Sugar Screen
business for some years now which is highly dependent upon the Sugar Crop
performance and resultant demand from the Sugar Industry. Growing population,
high demand from food and beverages industry are the key drivers of this
Industry. Currently Sugar Industry is going through oversupply situation.
Rising sugarcane prices, impact of cyclicality and sugar pricing issues are
some of the major challenges faced by Sugar Industry.
COMPANY
PERFORMANCE:
STANDALONE:
The Company has
demonstrated overall good performance during the year and has achieved revenue
from operations of Rs. 949.090 Million (Previous year Rs. 772.760 Million); a
growth of about 23 % in comparison to prior year, contributed by growth in
sales of all product lines driven by increased market presence. The Company has
achieved Profit before Tax of Rs. 165.150 Million (Previous year Rs. 151.180
Million), a growth of about 9 % in comparison to prior year.
The
Company achieved revenue from Exports of Rs. 59.620 Million during the
financial year 2014.
OUTLOOK
AND OPPORTUNITIES:
Economic forecast suggests
that the measures which may be taken by the Indian Government for reviving of
investment, easing of interest rate in mid-2015 may lead the Indian economy to
grow at about 8.0% to 8.5 % in 2015-16. The global economy is still struggling
to gain momentum as many high-income countries continue to grapple with
legacies of the global financial crisis. While US and UK has gathered momentum
as labor markets heal and monetary policy remains accommodative, the recovery
has been sputtering in the Euro area intertwined with structural bottlenecks.
Overall global growth is expected to rise moderately to about 3 % in 2015. The
sharp decline in oil prices since mid- 2014 will support global activity and
help offset some of the headwinds to growth in oil importing developing
economies which includes India as well. The recovery in high income countries
will slowly strengthen growth projections to gradually accelerate in coming
years. The lower oil prices creates a window of opportunity for a country like
India and may be used to usher fiscal and structural reforms which can boost
long-term growth and inclusive development. For the Company, the process houses
troubled by environmental issues still remains a concern. With increasing
labour cost, exchange rate fluctuations and volatile commodity prices, the
overall demand outlook in India for the textile industry for financial year
2015 is expected to remain moderate.
The Government of India had
extended Textile Upgradation Fund Scheme (TUFS) till 2016-17 which might
positively impact company’s business. Need of Textile Industry for quality
printing coupled with Government supported Program like TUFS will play a
significant role in accelerating the demand. Government decision to abolish
curbs on open market sale of sugar by Sugar Mills and dismantling of rules
requiring Sugar Mills to sell sugar at below market price through public
distribution system is a positive step for the industry. In the year 2014,
India’s sugar production rose by about 15 % and if the momentum continues it
might positively impact our sugar screen business in coming years.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
|
Claims against the Company not acknowledged as debts |
0.000 |
|
Disputed claims made by workers for re-instatement |
0.904 |
|
Disputed Sales Tax liability including penalty |
0.000 |
|
Disputed income tax liability including interest |
10.907 |
|
Disputed excise and service tax liability including penalty |
4.611 |
|
Guarantees given by the Company |
5.820 |
|
Total |
22.242 |
PART I
STATEMENT OF STANDALONE UNAUDITED RESULTS FOR
THE QUARTER ENDED MARCH 31, 2015
31.03.2015
|
|
Particulars |
Unaudited Current 3 months ended |
|
1. |
Income
from operations |
|
|
|
a)
Net Sales/Income from Operations |
323.461 |
|
|
(Net
of excise duty) |
|
|
|
b)
Other Operating Income |
3.033 |
|
|
Total
Income from Operations (net) |
326.494 |
|
|
|
|
|
2. |
Expenses |
|
|
|
a)
Cost of materials consumed |
171.317 |
|
|
b)
Purchase of traded goods |
27.121 |
|
|
c)
Changes in inventories of finished goods, work-in-progress and traded goods |
(14.813) |
|
|
d)
Employee benefits expense |
30.718 |
|
|
e)
Depreciation and amortisation expense |
15.479 |
|
|
f)
Other expenses |
35.950 |
|
|
Total
Expenses |
265.772 |
|
|
|
|
|
3. |
Profit
from Operations before other income, Interest, finance
costs and exceptional Items (1-2) |
60.722 |
|
4. |
Other
Income |
6.489 |
|
5. |
Profit
from ordinary activities before finance costs and exceptional
Items (3+4) |
67.211 |
|
6. |
Finance
costs |
0.290 |
|
7. |
Profit
from ordinary activities after finance costs but before
exceptional Items (5-6) |
66.921 |
|
8. |
Exceptional
Items |
0.000 |
|
9. |
Profit
from ordinary activities before tax (7-8) |
66.921 |
|
10. |
Tax
expense |
22.541 |
|
11. |
Profit
from ordinary activities after tax (9-10) |
44.380 |
|
12. |
Extraordinary
items ( net of tax expense) |
0.000 |
|
13. |
Net
Profit for the period (11-12) |
44.380 |
|
14. |
Paid
- up Equity Share Capital @ Rs.10 face value |
20.880 |
|
15. |
Reserves excluding
revaluation reserves as per balance sheet of previous accounting year |
|
|
16.i |
Earnings Per Share
(before extraordinary items) (of Rs. 10 each) (not annualised) |
|
|
|
a)
Basic |
21.25 |
|
|
b)
Diluted |
21.25 |
|
16.ii |
Earnings
Per Share (after extraordinary items) (of Rs. 10 each) (not annualised) |
|
|
|
a)
Basic |
21.25 |
|
|
b)
Diluted |
21.25 |
|
PART
II |
|
|
|
A. |
PARTICULARS
OF SHAREHOLDING |
|
|
1. |
Public
Shareholding |
|
|
|
-
Number of Shares |
604239 |
|
|
-
Percentage of Shareholding |
28.94 |
|
2. |
Promoter
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
-
Number of Shares |
|
|
|
-Percentage
of Shares (as a % of the total shareholding of promoter and promoter group) |
N.A. |
|
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
N.A. |
|
|
b)
Non-encumbered |
|
|
|
-
Number of Shares |
1483777 |
|
|
-Percentage
of Shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
|
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
71.06 |
|
|
||
|
|
Particulars |
3
months ended March 31, 2015 |
|
B. |
INVESTOR
COMPLAINTS |
|
|
|
Pending
at the beginning of the quarter |
NIL |
|
|
Received
during the quarter |
2 |
|
|
Disposed
off during the quarter |
2 |
|
|
Remaining
unresolved at the end of the quarter |
NIL |
SEGMENT
WISE REVENUE, RESULTS AND CAPITAL EMPLOYED, UNDER CLAUSE 41 OF THE LISTING
AGREEMENT
31.03.2015
|
|
Particulars |
Unaudited Current
3 months ended
31/03/2015 |
|
|
|
|
|
|
Segment
Revenue (Sales and Other Operating income from
Segments) |
|
|
|
-
Textile Machinery and Consumables |
256.964 |
|
|
-
Graphics Consumables |
14.785 |
|
|
-
Galvanic |
54.745 |
|
|
Total |
326.494 |
|
|
Less
: Inter Segment Revenue |
0.000 |
|
|
Net
Sales / Income from Operations |
326.494 |
|
|
|
|
|
|
Segment
Results (Profit before Finance Cost and Tax) |
|
|
|
-
Textile Machinery and Consumables |
66.099 |
|
|
-
Graphics Consumables |
6.148 |
|
|
-
Galvanic |
(2.225) |
|
|
Total
Segment Results |
70.022 |
|
|
Less
: Finance Cost |
0.290 |
|
|
Less
: Unallocable Expenditure Net of Unallocable Other Inco |
2.811 |
|
|
Total
Profit before Tax |
66.921 |
|
|
|
|
|
|
Capital
Employed (Segment Assets less Segment Liabilities) |
|
|
|
|
|
|
|
-
Textile Machinery and Consumables |
193.182 |
|
|
-
Graphics Consumables |
23.693 |
|
|
-
Galvanic |
217.602 |
|
|
-
Others / Unallocable |
186.047 |
|
|
Total
Capital Employed |
620.524 |
NOTES:
1 The above results were reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company at their meeting held on May 7, 2015.
2 In accordance with the requirement of Clause 41 of the Listing Agreement with the Stock Exchanges, the Statutory Auditors have performed a limited review of Company's standalone financial results for the quarter ended March 31, 2015. There are no qualifications in the limited review report issued for the above quarter.
3 The results for the quarter ended December 31, 2014 are the balancing figures between audited figures in respect of the full financial year 2014 and the published year to date figures upto the third quarter of the financial year ended December 31, 2014.
4 "Textile Machinery and Consumables" segment includes Perforated Rotary Screens, Laquer & Auxiliary Chemicals, Digital Ink, Rotary Screen Printing Machine, Engraving Equipment, Components and Spares
"Graphics Consumables" segment includes Anilox Rollers, Rotamesh screens and RotaPlate
"Galvanic" Segment includes Galvano Consumables
5 Consequent to the enactment of the Companies Act 2013, (the Act) and its applicability to the Company from accounting periods commencing from January 1, 2015, the Company has realigned the remaining useful lives of its fixed assets in accordance with the provisions prescribed under Schedule II to the Act. Accordingly, in case of assets which have completed their useful lives (prescribed under Schedule II to the Act) are fully depreciated and in case of other assets the carrying value (net of residual value) is being depreciated over the revised remaining useful lives. Consequently, the depreciation and amortization expenses charge for the quarter ended March 31, 2015 is higher by Rs. 5.885 Million.
6 Segment Revenue, Results and Capital Employed figures include the respective amounts identifiable to each of the segments.
7 Figures for the previous period have been re-grouped / re-classified wherever necessary, to conform to the current period's classification.
8 Capital Employed figures are as at the last day of the period.
FIXED ASSETS:
Tangible Assets
· Building
· Plant and Machinery
· Land-Freehold
· Computers
· Vehicles
· Furniture and Fixtures
· Office Equipments
· Air Conditioners
· Cooler
· Land-Freehold
Intangible Assets
· Computer Software
· Trademark
· Technical/ Commercial Know-how
· Goodwill
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. 63.82 |
|
|
1 |
Rs. 101.26 |
|
Euro |
1 |
Rs. 72.36 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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.