MIRA INFORM REPORT
|
Report No. : |
328414 |
|
Report Date : |
24.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
JBF INDUSTRIES LIMITED |
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|
|
|
Registered
Office : |
Survey No.273, Village Athola, Silvassa – 396 230, Dadra and Nagar Haveli |
|
Tel. No.: |
91-260-2642745 |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2015 |
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|
Date of
Incorporation : |
12.07.1982 |
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Com. Reg. No.: |
54-000128 |
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Capital
Investment / Paid-up Capital : |
Rs.804.100 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999DN1982PLC000128 |
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|
|
IEC No.: |
Not Available |
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|
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ08465C |
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|
|
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PAN No.: [Permanent Account No.] |
AAACJ2575J |
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|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of
manufacturing and selling of polyester chips, partially oriented yarn and polyester
processed yarn products. |
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|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company incorporated in the year
1982 having a good track record. The company has shown a significant growth in its profit during FY
2015. Financial position of the company is sound. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and condition. |
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 Bank Facilities: A- |
|
Rating Explanation |
Adequate degree of safety and carry low credit risk |
|
Date |
08.01.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short-Term Bank Facilities: A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
08.01.2015 |
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 DECLINED
Management non-cooperative
(Tel. 91-22-22885959
LOCATIONS
|
Registered Office/ Factory 1 : |
Survey No.273, Village Athola, Silvassa – 396 230, Dadra and Nagar Haveli, India |
|
Tel. No.: |
91-260-2642745/ 46/ 2643861/ 62 |
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Fax No.: |
91-260-2642297 |
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E-Mail : |
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|
Website : |
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|
Area : |
44000 Sq. ft |
|
Location : |
Owned |
|
Locality : |
Commercial |
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|
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|
Corporate Office : |
8th Floor, Express Towers, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
|
Tel No.: |
91-22-22885959 |
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Fax No.: |
91-22-22886393 |
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Email: |
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Factory 2 : |
156/2, Village Saily, Saily-Rakholi Road, Dadra and Nagar Haveli,
Silvassa, Dadra and Nagar Haveli, India |
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|
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Factory 3 : |
Plot No.11 and 215 to 231, Sarigam GIDC Industrial Area, Taluka: Umbergaon, Sarigram, Vapi –
396 155, Gujarat, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Bhagirath C. Arya |
|
Designation : |
Chairman |
|
Date of Birth/ Age
: |
64 Years |
|
Qualification : |
B.E.
Electrical |
|
Date of Appointment
: |
08.10.1983 |
|
|
|
|
Name : |
Mr. Rakesh Gothi |
|
Designation : |
Managing Director and Chief Executive Officer |
|
Date of Birth/ Age
: |
64 Years |
|
Qualification : |
B. Tech, MS, MBA |
|
Date of Appointment
: |
01.01.1997 |
|
|
|
|
Name : |
Ms. P. N. Thakore |
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Designation : |
Director-Finance and Chief Financial Officer |
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|
Name : |
Mr. N. K. Shah |
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Designation : |
Director-Commercial |
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Name : |
Mrs. Veena Arya |
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Designation : |
Director |
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Date of Birth/ Age
: |
24.08.1951 |
|
Date of Appointment
: |
25.10.1989 |
|
|
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|
Name : |
Mr. Krishen Dev |
|
Designation : |
Director (upto
13.2.2014) |
|
|
|
|
Name : |
Mr. Baldev
Raj Gupta |
|
Designation : |
Director |
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Date of Birth/ Age
: |
15.02.1940 |
|
Date of Appointment
: |
10.04.2014 |
|
|
|
|
Name : |
Mr. Prakash V. Mehta |
|
Designation : |
Director |
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Date of Birth/ Age
: |
12.02.1942 |
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Date of Appointment
: |
10.04.2014 |
|
|
|
|
Name : |
Mr. Sunil Diwakar |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Ravishankar Shinde (LIC) |
|
Designation : |
Director (upto
13.7.2014) |
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|
|
|
Name : |
Mr.
Brij Mohan Bansal |
|
Designation : |
Director |
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Date of Birth/ Age
: |
04.01.1951 |
|
Date of Appointment
: |
27.05.2014 |
KEY EXECUTIVES
|
Name : |
Mr. Ujjwala G. Apte |
|
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 |
|
|
|
|
|
|
|
|
35326617 |
53.94 |
|
|
35326617 |
53.94 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
35326617 |
53.94 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
13956 |
0.02 |
|
|
78553 |
0.12 |
|
|
2620487 |
4.00 |
|
|
10889435 |
16.63 |
|
|
13602431 |
20.77 |
|
|
|
|
|
|
5366413 |
8.19 |
|
|
|
|
|
|
6181207 |
9.44 |
|
|
3476573 |
5.31 |
|
|
1544238 |
2.36 |
|
|
214494 |
0.33 |
|
|
904966 |
1.38 |
|
|
200 |
0.00 |
|
|
54 |
0.00 |
|
|
173220 |
0.26 |
|
|
251304 |
0.38 |
|
|
16568431 |
25.30 |
|
Total
Public shareholding (B) |
30170862 |
46.06 |
|
Total
(A)+(B) |
65497479 |
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) |
65497479 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of
manufacturing and selling of polyester chips, partially oriented yarn and
polyester processed yarn products. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the Management. |
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Bankers : |
·
Bank of India, Nariman Point Large Corporate Branch, 92/93,
Free Press House, Free Press Journal Marg, Mumbai – 400 021,
Maharashtra, India ·
State Bank of India, Bank Street, Mumbai – 400
023, Maharashtra, India ·
Andhra Bank ·
Standard Chartered Bank ·
IDBI Bank Limited ·
Indian Overseas Bank ·
ICICI Bank Limited ·
DBS Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Financial Institution : |
IDBI
Trusteeship Services Limited, Asian Building, Ground Floor, R. Kamani Marg, Ballard Estate,
Mumbai – 400 001, Maharashtra, India |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Chaturvedi
and Shah Chartered Accountants |
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|
|
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Internal Auditors : |
|
|
Name : |
Bhuwania
and Agarwal Associates Chartered
Accountants |
|
|
|
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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Subsidiaries (As on 31.03.2014) : |
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Enterprises over which the Key Managerial personnel and their
relatives have significant influence (As on 31.03.2014) : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital: Not Available
Issued, Subscribed and Paid-up Capital: Rs.804.100 million
AS ON 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 million |
|
12500000 |
2.5% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.1250.000 million |
|
|
Total
|
|
Rs.2250.000
million |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
65324847 |
Equity Shares |
Rs.10/- each |
Rs.653.200 million |
|
75709 |
2.5% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.7.600 million |
|
1415000 |
20% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.141.500 million |
|
|
Total
|
|
Rs.802.300
million |
|
|
|
|
|
Terms/rights
attached to equity shares
The holders of equity shares of Rs.10 each are entitled to one vote per share. The equity shareholders are entitled to dividend only if dividend in a particular financial year is recommended by the Board of Directors and approved by the member at the annual general meeting of the year. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive out of the remaining assets of the company, after distribution of Preferential amounts. The distribution will be in proportion to the number of equity shares held by shareholders.
Terms/rights
attached to Cumulative Redeemable Preference Shares (CRPS)
The holder of Preference Share of the Company have a right to vote at a General Meeting of the Company only in accordance with limitations and provisions laid down in Section 87 (2) of the Companies Act, 1956. The Preference Shares shall carry dividend at the rate of 2.5% and 20.00% per annum payable annually. The preference shareholders will be entitled to receive out of the remaining assets of the company after distribution to lenders. 75709 2.5% CRPS are redeemable at par as: 36509 shares on 30.09.2020, 17837 shares on 30.09.2019 and 21363 shares on 30.09.2018. 1415000 20% CRPS are redeemable at a premium of Rs.700 per share as: 315000 shares on 30.09.2020, 770000 shares on 30.09.2019 and 330000 shares on 30.09.2018.
Reconciliation of
number of Equity Shares outstanding at beginning and at the end of year:
|
Particulars |
31.03.2014 |
|
|
Number |
Rs. in Million |
|
|
Shares outstanding at the beginning of the year |
72633236 |
726.300 |
|
Add: Shares Issued on exercise of option by ESOS holders during the year |
191611 |
1.900 |
|
Less:- Shares bought back and extinguished during the year |
7500000 |
75.000 |
|
Shares
outstanding at the end of the year |
65324847 |
653.200 |
Reconciliation of
number of 2.5% Cumulative Redeemable Preference Shares outstanding at the beginning
and at the end of year:
|
Particulars |
31.03.2014 |
|
|
Number |
Rs. in Million |
|
|
Shares outstanding at the beginning of the year |
11034987 |
1103.500 |
|
Add: Shares Issued On conversion of debt to a lender |
360722 |
36.100 |
|
Less:- Shares redeemed during the year |
11320000 |
1132.000 |
|
Shares
outstanding at the end of the year |
75709 |
7.600 |
Reconciliation of
number of 20 % Cumulative Redeemable Preference Shares outstanding at the
beginning and at the end of year:
|
Particulars |
31.03.2014 |
|
|
Number
|
Rs. in Million |
|
|
Shares outstanding at the beginning of the year |
-- |
-- |
|
Add: Shares Issued during the year |
1415000 |
141.500 |
|
Shares
outstanding at the end of the year |
1415000 |
141.500 |
Pursuant to the approval of the Board of Directors under Section 77A of the Companies Act, 1956, during the year the Company bought back and extinguished 7500000 equity shares of Rs.10 each at an aggregate consideration of Rs.732.300 million from open market by utilizing the Security Premium Account of Rs.657.300 million. The offer got closed on 27th September, 2013. In terms of Section 77AA of the Companies Act, 1956, Rs.75.000 million being the amount equal to nominal value of share so bought back and extinguished has been transferred from General Reserve to Capital Redemption Reserve.
The Company has allotted 360722 2.5% Cumulative Redeemable Preference Shares (CRPS) of Rs.100 each fully paid up aggregating to Rs.36.100 million to Bank of India in pursuant to line of credit approved by the bank to fund derivative losses.
Pursuant to the approval of the preference and equity shareholders of the Company under section 80, 94 and other applicable provisions of the Companies Act, 1956, the Company has redeemed 11320000-2.5% Cumulative Redeemable Preference Shares of Rs.100/- each at par in exchange for 1415000-20% Cumulative Redeemable Preference Shares of Rs.100/- each at a premium of Rs.700/- per share.
Options outstanding 174036 Equity shares to ESOS holders as on 31st March, 2014
The
details of shareholder holding more than 5% shares:
|
Name
of Equity Shareholders |
31.03.2014 |
|
|
No. of Shares |
Percentage |
|
|
Bhagirath
Arya |
27211175 |
41.66% |
|
Vaidic
Resources Private Limited |
3906304 |
5.98% |
|
Chinar
Arya |
4300000 |
6.58% |
|
Cresta
Fund Limited |
3900000 |
5.97% |
*
below 5%, hence not disclosed.
|
Name
of Preference Shareholder of 2.5% CRPS |
31.03.2014 |
|
|
No. of Shares |
Percentage |
|
|
Bank
of India |
75709 |
100% |
|
Name
of Preference Shareholder of 20% CRPS |
31.03.2014 |
|
|
No. of Shares |
Percentage |
|
|
Bank
of India |
1415000 |
100% |
Redemption
premium on 20% CRPS will be paid out of the Securities Premium Account, hence
no provision has been considered necessary.
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 |
804.100 |
802.300 |
1829.800 |
|
(b) Reserves & Surplus |
10218.400 |
9153.200 |
8817.900 |
|
(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) |
11022.500 |
9955.500 |
10647.700 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
8250.200 |
6696.100 |
7122.200 |
|
(b) Deferred tax liabilities (Net) |
2242.000 |
1704.700 |
1561.900 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term provisions |
124.300 |
235.600 |
161.300 |
|
Total Non-current Liabilities (3) |
10616.500 |
8636.400 |
8845.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
7047.100 |
5341.300 |
6907.600 |
|
(b) Trade payables |
3087.600 |
6149.200 |
5066.300 |
|
(c) Other current liabilities |
3034.100 |
3225.400 |
2947.100 |
|
(d) Short-term provisions |
608.500 |
510.900 |
454.400 |
|
Total Current Liabilities (4) |
13777.300 |
15226.800 |
15375.400 |
|
|
|
|
|
|
TOTAL |
35416.300 |
33818.700 |
34868.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
16263.700 |
14844.100 |
14728.400 |
|
(ii) Intangible Assets |
|
28.500 |
25.200 |
|
(iii) Capital work-in-progress |
|
597.300 |
208.100 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4235.300 |
4237.600 |
4242.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
1131.800 |
1045.900 |
926.200 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
21630.800 |
20753.400 |
20129.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2.300 |
6.500 |
486.300 |
|
(b) Inventories |
3352.900 |
4405.300 |
3962.400 |
|
(c) Trade receivables |
5646.500 |
6122.500 |
5544.500 |
|
(d) Cash and cash equivalents |
2147.300 |
425.000 |
1538.800 |
|
(e) Short-term loans and advances |
2060.900 |
1591.000 |
2787.000 |
|
(f) Other current assets |
575.600 |
515.000 |
419.600 |
|
Total Current Assets |
13785.500 |
13065.300 |
14738.600 |
|
|
|
|
|
|
TOTAL |
35416.300 |
33818.700 |
34868.500 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
41268.800 |
47847.100 |
45040.900 |
|
|
|
Other Income |
276.400 |
618.700 |
720.900 |
|
|
|
TOTAL |
41545.200 |
48465.800 |
45761.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
31052.100 |
37985.700 |
35581.700 |
|
|
|
Purchases of stock-in-trade |
15.700 |
69.800 |
1.400 |
|
|
|
Changes in inventories of finished goods and stock-in-process |
502.300 |
307.700 |
160.300 |
|
|
|
Employee benefits expenses |
737.700 |
617.700 |
565.400 |
|
|
|
Other expenses |
4812.000 |
6023.900 |
6017.600 |
|
|
|
Exceptional items |
0.000 |
367.100 |
0.000 |
|
|
|
TOTAL |
37119.800 |
45371.900 |
42326.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4425.400 |
3093.900 |
3435.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1452.400 |
1678.700 |
1557.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
2973.000 |
1415.200 |
1877.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
967.600 |
1122.200 |
1006.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2005.400 |
293.000 |
870.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
611.000 |
143.100 |
356.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1394.400 |
149.900 |
514.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
NA |
8971.200 |
6293.400 |
|
|
|
Interest |
NA |
0.000 |
9.200 |
|
|
|
NET Gain on Currency and Interest rate Swap |
NA |
67.300 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
9038.500 |
6302.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
15403.700 |
9077.100 |
|
|
|
Capital Equipment |
NA |
59.000 |
261.200 |
|
|
|
Colours and Chemicals and Oil and Lubricants |
NA |
35.400 |
68.800 |
|
|
|
Stores and Spares and Consumables |
NA |
21.800 |
13.300 |
|
|
TOTAL IMPORTS |
NA |
15519.900 |
9420.400 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
20.78 |
1.70 |
6.76 |
|
|
|
- Diluated |
20.78 |
1.70 |
6.72 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current
Maturities of long-term Borrowings |
NA |
2084.300 |
1612.200 |
|
Cash generated from operations |
NA |
4012.500 |
3839.600 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.38 |
0.31 |
1.14 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
10.72 |
6.47 |
7.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.43 |
1.01 |
2.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.03 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.39 |
1.21 |
1.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
0.86 |
0.96 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.201.65 |
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 |
1829.800 |
802.300 |
804.100 |
|
Reserves & Surplus |
8817.900 |
9153.200 |
10218.400 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
10647.700 |
9955.500 |
11022.500 |
|
|
|
|
|
|
Long-term borrowings |
7122.200 |
6696.100 |
8250.200 |
|
Short term borrowings |
6907.600 |
5341.300 |
7047.100 |
|
Total borrowings |
14029.800 |
12037.400 |
15297.300 |
|
Debt/Equity ratio |
1.318 |
1.209 |
1.388 |
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) |
|
Revenue from Operations (Net) |
45040.900 |
47847.100 |
41268.800 |
|
|
|
6.230 |
-13.749 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from Operations (Net) |
45040.900 |
47847.100 |
41268.800 |
|
Profit |
514.800 |
149.900 |
1394.400 |
|
|
1.14% |
0.31% |
3.38% |
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 |
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 |
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 |
31.03.2015 [Rs.
in Million] |
31.03.2014 [Rs.
in Million] |
|
LONG TERM
BORROWINGS |
|
|
|
Term loans |
|
|
|
From Banks |
NA |
882.700 |
|
SHORT TERM
BORROWINGS |
|
|
|
Working Capital Loans |
|
|
|
From Banks |
NA |
508.600 |
|
Supplier's Credit (backed by letter of
Credit) |
NA |
541.000 |
|
Total |
NA |
1932.300 |
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10569473 |
10/04/2015 |
570,000,000.00 |
BANK OF INDIA |
NARIMAN POINT LARGE
CORPORATE BRANCH, 92/93, FREE PRESS HOUSE, FREE PRESS JOURNAL MARG,
MUMBAI, MAHARASHTRA - 400021, INDIA |
C53667796 |
|
2 |
10567854 |
08/04/2015 |
700,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001,
INDIA |
C52897741 |
|
3 |
10567860 |
08/04/2015 |
1,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND FLOOR,
R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
C52899309 |
|
4 |
10570298 |
08/04/2015 |
1,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001,
INDIA |
C54101696 |
|
5 |
10549405 |
14/08/2014 |
500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE,
DISCOVERY OF INDIA, DR. |
C43763838 |
|
6 |
10566517 |
10/07/2014 |
700,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001,
INDIA |
C52211356 |
|
7 |
10478997 |
31/01/2014 |
500,000,000.00 |
THE SOUTH INDIAN BANK
LIMITED |
INDUSTRIAL FINANCE
BRANCH, 110, RAHEJA, TOWERS, ANNA SALAI,, CHENNAI, TAMILNADU - 600002, INDIA |
B96958186 |
|
8 |
10316774 |
09/07/2014 * |
17,820,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND FLOOR,
R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
C14734727 |
|
9 |
10124531 |
25/09/2014 * |
12,256,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001,
INDIA |
C29787967 |
|
10 |
10124534 |
13/05/2014 * |
17,820,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001,
INDIA |
C05856307 |
|
11 |
80003960 |
10/05/2006 * |
500,000,000.00 |
STATE BANK OF INDIA
COMMERCIAL BRANCH |
N.G.N VAIDYA MARG, POST
BAG NO. 10141, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
12 |
80003961 |
10/05/2006 * |
1,500,000,000.00 |
BANK OF BARODA CORPORATE FINANCIAL
SERVICE BRANCH |
FIRST FLOOR, 3, WALCHAND
HIRACHAND MARG, BALARD PIER, MUMBAI, MAHARASHTRA - 400038, INDIA |
- |
|
13 |
90101160 |
27/06/2006 * |
500,000,000.00 |
STATE BANK OF INDIA
COMMERCIAL BRANCH |
G.N. VAIDYA MARG, HORNIMAN
CIRCLE, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
14 |
90100093 |
25/09/2014 * |
12,256,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001,
INDIA |
C29789757 |
|
15 |
80037424 |
14/09/2007 * |
2,000,000,000.00 |
BANK OF BARODA CORPORATE
FINANCIAL BRANCH |
1ST FLOOR 3 WALCHAND
HIRACHAND MARG, BALLARD PIER, MUMBAI, MAHARASHTRA - 400038, INDIA |
A24473894 |
|
16 |
80044439 |
24/03/2005 |
210,000,000.00 |
STATE BANK OF INDORE |
COMMERCIAL BRANCH, MITTAL
COURT, B-WING, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA -
400021, |
- |
|
17 |
90100012 |
07/10/2005 * |
360,000,000.00 |
STATE BANK OF INDORE |
COMMERCIAL BRANCH, MITTAL
COURT; B. WING; GROUND FLOOR; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021,
INDIA |
- |
|
18 |
80058046 |
18/01/1999 |
70,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,
JUSTICE G.N. VAIDYA BRANCH, MU |
- |
|
19 |
80058250 |
12/03/1998 |
108,000,000.00 |
BANK OF BARODA |
BRUSSELS BRANCH, 28, RUE
DE LA LOI, BRUSSLELS-1040, BELGIUM |
- |
|
20 |
90098725 |
30/07/2004 * |
594,400,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES
BRANCH, 1ST FLOOR; 3; WALCHNAD HIRACHAND MARG; BALLARD PIE, MUMBAI,
MAHARASHTRA - 400001, INDIA |
- |
|
21 |
80020072 |
01/12/1997 |
624,800,000.00 |
BOB SBI SBICIBL SAKURA
BANK LIMITED BRITISH BANK OF MIDDLE EAST |
INDUSTRIAL FINANCE BRANCH,
CAWASJI PATEL STREET FORT, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
(a)
Demands not acknowledged as debt |
|
|
|
i)
Income Tax (Rs.86.000 million paid under protest. No cash outflow is
expected) |
NA |
86.000 |
|
ii)
Excise Duty (Rs.11.100 million paid under protest. No cash outflow is
expected) |
NA |
17.600 |
|
iii)
Service tax |
NA |
-- |
|
iv)
Others |
NA |
0.900 |
|
(b)
Guarantees issued by the Bankers (Bank
guarantees are provided under contractual/legal obligation. No cash outflow
is expected.) |
NA |
1902.500 |
|
(c) Corporate Guarantee
and pledge of Equity shares of a subsidiary company to a bank against the credit
facility to subsidiary Company. (No Cash outflow is expected) (To the extent
of credit facility availed and outstanding as on 31st March, 2014) |
NA |
12997.900 |
|
(d) Letter of Credit
includes Rs.690.300 million (Previous year 112.76 Crores) extended for
Subsidiary Company. (These are established in
favour of vendors but cargo/material under the aforesaid Letter of Credit are
yet to be received as on end of the year. Cash outflow is expected on the
basis of payment terms as mentioned in Letter of Credit.) |
NA |
3956.700 |
|
(e) Export Bill
Discounting (No Cash outflow is expected) |
NA |
244.400 |
FIXED ASSETS:
Tangible Assets
œ Leasehold Land
œ Freehold Land
œ Buildings
œ Plant and
Machineries
œ Furniture and
Fixtures
œ Office Equipments
œ Vehicles
œ Data processing
Equipment
Intangible Assets
œ Software
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 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.63.64 |
|
UK Pound |
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.71.63 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
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 |
|
54 |
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.