MIRA INFORM REPORT
|
Report No. : |
327664.2 |
|
Report Date : |
23.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
BALKRISHNA INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
H -3/1, MIDC, ‘A’ Road, Tarapur (Boisar) Thane - 401506, Maharashtra |
|
Tel. No.: |
91-22-66663800 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
20.11.1961 |
|
|
|
|
Com. Reg. No.: |
11-012185 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 193.300 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1961PLC012185 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCB0910G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufactures off-highway tires |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (70) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for payment
of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 65000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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.
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
|
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
Management non co-operative (91-22-66663800)
LOCATIONS
|
Registered Office : |
H -3/1, MIDC, ‘A’ Road, Tarapur (Boisar) Thane - 401506, Maharashtra,
India |
|
Tel. No.: |
91-22-66663800 |
|
Fax No.: |
91-22-66663898/99 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
BKT House, C/15, Trade World, Kamala Mills Compound, Senapati Bapat
Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
|
|
|
Manufacturing Units : |
|
|
|
|
|
Wind Farm : |
Village Soda Mada, Tehsil: Fatehgarh, Dist. Jaisalmer (Rajasthan), India |
|
|
|
|
Mould Units : |
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: 31.03.2014
|
Name : |
Mr. Dharaprasad Poddar |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Arvind Poddar |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Rajiv Poddar |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. Vijaylaxmi Poddar |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Vipul Shah |
|
Designation : |
Whole Time Director and Company Secretary |
|
|
|
|
Name : |
Mr. Sachin Nath Chaturvedi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Subhash Chand Mantri |
|
Designation : |
Director (Up to 15.05.2014) |
|
|
|
|
Name : |
Mr. Rameshkumar Poddar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Khurshed Doongaji |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Laxmidas Merchant |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjay Asher |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ashok Saraf |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Vipul Shah |
|
Designation : |
Whole Time Director and Company Secretary |
|
|
|
|
MANAGEMENT
COMMITTEE |
|
|
|
|
|
Name : |
Mr. Dilip Vaidya |
|
Designation : |
Director (Technical) |
|
|
|
|
Name : |
Ms. Khushboo Poddar |
|
|
|
|
Name : |
Mr. Basant Bansal |
|
Designation : |
Director (Finance) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2015
|
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 |
|
|
|
|
|
|
|
|
15351336 |
15.88 |
|
|
13754123 |
14.23 |
|
|
29105459 |
30.11 |
|
|
|
|
|
|
1824017 |
1.89 |
|
|
|
|
|
|
6690425 |
6.92 |
|
|
2259990 |
2.34 |
|
|
430694 |
0.45 |
|
|
399044 |
0.41 |
|
|
30650 |
0.03 |
|
|
1000 |
0.00 |
|
|
11205126 |
11.59 |
|
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 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures off-highway tires |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
Auditors : |
|
|
Name : |
Jayantilal Thakkar and Company Chartered Accountants |
|
Address : |
111-A, |
|
Tel No.: |
91-22-22658800 / 22658900 |
|
Fax No.: |
91-22-22658989 |
|
Email : |
|
|
PAN No.: |
AAAFJ3458R |
|
|
|
|
Internal Auditors: |
Dilip A. Jain and Associates |
|
|
|
|
Cost Auditors: |
R S Raghvan |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Enterprises-KMP
having significant influence/owned by major shareholders (As on 31.03.2014) : |
|
CAPITAL STRUCTURE
As on: 31.03.2015
Authorized Capital: Not Available
Issued, Subscribed & Paid-up Capital: Rs. 193.300 Million
As on: 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs. 2/- each |
Rs. 500.000 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 |
23267995 |
24.07 |
|
AKP ENTERPRISES LLP |
23573445 |
24.39 |
In the current year percentage shareholding has decreased below 5% and accordingly, no disclosure is made for the same.
LISTING DETAILS:
|
|
BSE : 502355 NSE : BALKRISIND |
|
Stock Exchange Place : |
The Stock Exchange, Mumbai, National Stock Exchange of India Limited |
|
Listed Date : |
Not Available |
|
|
|
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 |
193.300 |
193.317 |
193.317 |
|
(b) Reserves & Surplus |
22723.500 |
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) |
22916.800 |
18848.034 |
14189.685 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
13592.800 |
16558.876 |
15042.878 |
|
(b) Deferred tax liabilities (Net) |
1886.500 |
1721.818 |
998.567 |
|
(c) Other long term
liabilities |
0.100 |
412.083 |
940.927 |
|
(d) long-term
provisions |
13.700 |
(7.540) |
(1.710) |
|
Total Non-current
Liabilities (3) |
15493.100 |
18685.237 |
16980.662 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
6334.500 |
6881.096 |
5592.638 |
|
(b) Trade
payables |
3799.100 |
3430.793 |
2410.033 |
|
(c) Other
current liabilities |
4248.600 |
611.323 |
497.429 |
|
(d) Short-term
provisions |
353.900 |
283.705 |
216.778 |
|
Total Current
Liabilities (4) |
14736.100 |
11206.917 |
8716.878 |
|
|
|
|
|
|
TOTAL |
53146.000 |
48740.188 |
39887.225 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
30488.000 |
23285.678 |
12765.514 |
|
(ii)
Intangible Assets |
0.000 |
8.752 |
11.537 |
|
(iii)
Capital work-in-progress |
0.000 |
4763.386 |
9455.114 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
583.600 |
4265.131 |
329.134 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1664.100 |
2098.104 |
2791.579 |
|
(e) Other
Non-current assets |
14.600 |
4.407 |
0.085 |
|
Total Non-Current
Assets |
32750.300 |
34425.458 |
25352.963 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
3865.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3920.100 |
5290.777 |
4325.535 |
|
(c) Trade
receivables |
6018.300 |
6184.658 |
5044.915 |
|
(d) Cash
and cash equivalents |
4311.300 |
98.047 |
2663.063 |
|
(e)
Short-term loans and advances |
2268.500 |
2739.379 |
2437.790 |
|
(f) Other
current assets |
12.500 |
1.869 |
62.959 |
|
Total
Current Assets |
20395.700 |
14314.730 |
14534.262 |
|
|
|
|
|
|
TOTAL |
53146.000 |
48740.188 |
39887.225 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
37799.000 |
35767.135 |
31905.704 |
|
|
|
Other Income |
111.800 |
138.400 |
42.125 |
|
|
|
TOTAL (A) |
37910.800 |
35905.535 |
31947.829 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
19448.300 |
17119.945 |
18179.090 |
|
|
|
Purchases of Stock-in-Trade |
72.800 |
55.404 |
94.948 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
157.800 |
34.805 |
(364.397) |
|
|
|
Employees benefits expense |
1943.500 |
1385.763 |
1074.828 |
|
|
|
Other expenses |
6146.900 |
8233.278 |
6277.397 |
|
|
|
TOTAL (B) |
27769.300 |
26829.195 |
25261.866 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10141.500 |
9076.340 |
6685.963 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
464.000 |
249.739 |
256.810 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9677.500 |
8826.601 |
6429.153 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2402.000 |
1649.642 |
1077.136 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7275.500 |
7176.959 |
5352.017 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2387.400 |
2293.252 |
1793.679 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4888.100 |
4883.707 |
3558.338 |
|
|
|
|
|
|
|
|
|
Less |
EXCESS/(SHORT)
PROVISION OF TAXATION |
NA |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Profit after adjustment relating to earlier years |
NA |
4883.707 |
3558.338 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
765.900 |
877.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
4000.000 |
3500.000 |
|
|
|
Dividend |
|
193.300 |
145.000 |
|
|
|
Tax on Dividend |
|
32.000 |
24.600 |
|
|
BALANCE CARRIED
TO THE B/S |
|
4225.300 |
3669.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
31895.811 |
29222.280 |
|
|
TOTAL EARNINGS |
|
31895.811 |
29222.280 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
14444.383 |
14100.899 |
|
|
|
Stores & Spares |
|
155.018 |
114.211 |
|
|
|
Capital Goods |
|
2442.179 |
3003.819 |
|
|
|
Others |
|
12.215 |
8.594 |
|
|
TOTAL IMPORTS |
NA |
17053.795 |
17227.523 |
|
|
|
|
|
|
|
|
|
|
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 |
NA |
60.099 |
108.778 |
|
Cash generated from operations |
NA |
7819.500 |
6940.485 |
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} |
(%) |
13.84 |
18.07 |
17.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.38 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.87 |
1.25 |
1.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.28 |
1.67 |
STOCK
PRICES
|
Face Value |
Rs.2.00 |
|
Market Value |
Rs.702.80 |
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 |
193.300 |
|
Reserves & Surplus |
13996.368 |
18654.717 |
22723.500 |
|
Net
worth |
14189.685 |
18848.034 |
22916.800 |
|
|
|
|
|
|
long-term borrowings |
15042.878 |
16558.876 |
13592.800 |
|
Short term borrowings |
5592.638 |
6881.096 |
6334.500 |
|
Total
borrowings |
20744.294 |
23500.071 |
19927.300 |
|
Debt/Equity
ratio |
1.462 |
1.247 |
0.870 |
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 |
37799.000 |
|
|
|
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 |
37799.000 |
|
Profit |
3558.338 |
4883.707 |
4888.100 |
|
|
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 |
No |
|
8] |
Designation of contact person |
No |
|
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 |
Yes |
|
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 |
UNSECURED LOAN
|
Particulars |
As on 31.03.2015 |
As on 31.03.2014 |
|
|
(Rs. In Million) |
|
|
LONG TERM
BORROWINGS: |
|
|
|
Deferred Payment Liabilities |
|
31.431 |
|
SHORT TERM
BORROWINGS: |
|
|
|
Loans repayable on demand |
|
2760.158 |
|
Total |
NA |
2791.589 |
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 |
- |
OPERATIONS: (As on
31.03.2014)
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 Equipments and All-Terrain Vehicles (ATV). Around 90% of their revenue is generated through exports.
During the year, the revenue of the Company from its operations has grown by 13%. The Net Turnover and other Income of the company has increased from Rs. 28200.000 Million to Rs. 31900.000 Million.
The Gross Profit of the Company for the year under consideration has increased from Rs. 4810.000 Million to Rs. 6430.000 Million and correspondingly, the profit after tax has increased to Rs.3560.000 Million as compare to Rs.2690.000 Million in the previous year.
The Company continues to enjoy the status of “STAR TRADING HOUSE”.
OUTLOOK FOR THE
CURRENT YEAR 2013-2014:
The company revenue is mainly generated from exports to Europe and USA. However the markets have been under pressure due to global recession during the last financial year. The overall business environment across the globe continues to be under pressure; however USA has started showing signs of recovery and we are hopeful that such recovery is sustainable throughout the year. Despite a difficult business environment we are causally optimistic about showing moderate growth in exports during the current financial year.
Raw materials prices had declined in the last financial year on account of slacking demand in the tyre sector. Other input cost has also increased. However we expect that profit margin would show an improvement during the current financial year, if raw materials prices remain stable.
The long-term prospects of the company are definitely positive and the company continues to expand its product base by developing different types of tyres and venturing in to new geographies. The company has also established sales offices in various countries of the world to ensure deeper penetration into existing markets and sustain its future growth.
MANAGEMENT DISCUSSION
AND ANALYSIS
OPPORTUNITY &
THREATS:
The segment in which the company operates is predominantly “large varieties - low volume segment”, which restricts plant capacity utilization. It is both a capital intensive and labour intensive proposition, making it un-attractive for fresh investments by major players. The Company is fully geared 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, the segment is not exposed to any technological obsolescence and wild fluctuations in demand of its products.
The Company has incremental opportunity to develop the “Earth Moving tyres” (OTR) markets and take advantage of the shift from bias to radial tyres, which is picking up rapidly. In this pursuit, the company has already set up an all-steel OTR Radial tyre plant at its Chopanki location and thereby has become the 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 the technology – bias as well as radials.
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,
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 judgment 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.63.51 |
|
|
1 |
Rs.100.94 |
|
Euro |
1 |
Rs.72.32 |
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 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
|
70 |
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.