MIRA INFORM REPORT
|
Report No. : |
329197 |
|
Report Date : |
26.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
REDINGTON (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
SPL Guindy House,
95, Mount Road, Guindy, Chennai – 600032, Tamilnadu |
|
Tel. No.: |
91-44-30287901 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
02.05.1961 |
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Com. Reg. No.: |
18-028758 |
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Capital
Investment / Paid-up Capital : |
Rs.799.400 Million |
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|
|
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CIN No.: [Company Identification
No.] |
L52599TN1961PLC028758 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHER00540B |
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|
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PAN No.: [Permanent Account No.] |
AABCR0347P |
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Legal Form : |
A Public Limited
Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
The Company operates in the Information Technology and other products distribution and after sales service. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 38800000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an old and established company incorporated during 1961
having good track record. It is a leading distribution company for IT
hardware products and lifestyle digital products. Profits of the company has declined during FY 2015 however general
financial position of the company is sound. Fundamentals of the company are
strong and healthy. Directors are reported well experienced and respectable
businessmen. Trade relations are reported to be trustworthy. Business is active.
Payments 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
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: “AA-” |
|
Rating Explanation |
High degree of safety and carry lowest
credit risk. |
|
Date |
07.07.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: “A1+” |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
07.07.2014 |
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 CO-OPERATIVE (91-44-42243353)
LOCATIONS
|
Registered Office : |
SPL Guindy House,
95, Mount Road, Guindy, Chennai – 600032, Tamilnadu, India |
|
Tel. No.: |
91-44-22353313/
14/ 15/ 16/ 17/ 18/ 42243281/ 42243499/ 42243353/ 42243352 |
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Fax No.: |
91-44-22352790/ 22253799 |
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E-Mail : |
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Website : |
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Corporate Office : |
Ground Floor, "Centre Point", Plot No.8 and 11
(SP), Thiru-Vi-Ka Industrial Estate, Ekkaduthangal, Guindy, Chennai – 600032,
Tamilnadu, India |
|
Tel. No.: |
91-44-42243353 |
|
Fax No.: |
91-44-42243148 |
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E-Mail : |
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Warehouse: |
Shed B, No 2,
Kalkaji Industrial Area, New
Delhi – 110019, India |
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Sales Office : |
Plot No-557,
Saheed Nagar, Bhubaneswar – 751007, Orissa, India LOCATED AT : · Agra ·
Chandigarh ·
Dehradun ·
Delhi ·
Jammu
and Kashmir ·
Jaipur ·
Varanasi ·
Bangalore ·
Calicut ·
Chennai ·
Cochin ·
Coimbatore ·
Hubli ·
Hyderabad ·
Madurai ·
Mysore ·
Pondicherry ·
Tirunelveli ·
Trichy ·
Trivandrum ·
Vijayawada ·
Visakhapatnam
·
Jamshedpur ·
Guwahati ·
Kolkata ·
Patna ·
Ranchi ·
Ahmedabad ·
Baroda ·
Bhopal ·
Goa ·
Indore ·
Mumbai ·
Nagpur ·
Nasik ·
Pune ·
Raipur ·
Surat |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Professor J. Ramachandran |
|
Designation : |
Chairman |
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Expertise in
Specific Functional Area : |
Strategic Management ; International Business |
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|
Name : |
Mr. R. Shrinivasan |
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Designation : |
Managing Director |
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Name : |
Mr. Raj Shankar |
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Designation : |
Joint Managing Director |
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Name : |
Mr. M. Raghunandan |
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Designation : |
Whole Time Director |
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Name : |
Mr. R. Jayachandran |
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Designation : |
Director |
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Name : |
Mr. Tu Shu-Chyuan |
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Designation : |
Director |
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Name : |
Mr. Lin Tai Yang |
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Designation : |
Director |
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Expertise in Specific
Functional Area : |
Accounting and Business Strategy |
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|
Name : |
Mr. Nainesh Jaisingh |
|
Designation : |
Director |
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Expertise in
Specific Functional Area : |
Business Strategy |
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|
Name : |
Mr. V S Hariharan |
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Designation : |
Director |
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Expertise in
Specific Functional Area : |
Business Strategy |
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|
Name : |
Mr. N. Srinivasan |
|
Designation : |
Director |
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Name : |
Mr. Keith WF Bradley |
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Designation : |
Director |
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Expertise in Specific Functional Area : |
Business Strategy |
KEY EXECUTIVES
|
Name : |
Mr. M. Muthukumarasamy |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
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||
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(A) Shareholding of
Promoter and Promoter Group |
||
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|
|
|
|
|
|
|
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|
53282932 |
13.33 |
|
|
53282932 |
13.33 |
|
Total shareholding of
Promoter and Promoter Group (A) |
53282932 |
13.33 |
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|
|
|
(B) Public Shareholding |
||
|
|
|
|
|
|
50498555 |
12.63 |
|
|
30586 |
0.01 |
|
|
112855402 |
28.23 |
|
|
44584433 |
11.15 |
|
|
44584433 |
11.15 |
|
|
207968976 |
52.03 |
|
|
|
|
|
|
23544307 |
5.89 |
|
|
|
|
|
Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
7557180 |
1.89 |
|
Individual shareholders holding
nominal share capital in excess of Rs. 0.100 Million |
2525024 |
0.63 |
|
|
104824371 |
26.23 |
|
|
256044 |
0.06 |
|
|
898771 |
0.22 |
|
|
102245940 |
25.58 |
|
|
332856 |
0.08 |
|
|
930303 |
0.23 |
|
|
1111 |
0.00 |
|
|
159346 |
0.04 |
|
|
138450882 |
34.64 |
|
Total Public shareholding
(B) |
346419858 |
86.67 |
|
|
|
|
|
Total (A)+(B) |
399702790 |
100.00 |
|
|
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
399702790 |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
The Company operates in the Information Technology and other products distribution and after sales service. |
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Products / Service : |
Information Technology and other products
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
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 : |
Bankers – India
Bankers – Overseas
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Facilities : |
NOTE: Loans from Banks are secured by pari-passu charge on
Inventories and Trade receivables. Commercial Paper: There are no amounts outstanding as at
March 31, 2014 and March 31, 2013 and the maximum amount outstanding at any
time during the year was Rs. 5500.000 Million (Previous Year Rs. 5750.000
Million). |
|
Statutory Auditors
: |
|
|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
|
Address: |
2nd
Floor, “Temple Tower, 672, Anna Salai, Nandanam, Chennai – 600035, Tamilnadu,
India |
|
Tel. No.: |
91-44-52131124-28 |
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Fax No.: |
91-44-52131129 |
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Internal Auditors: |
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|
Name : |
Price Waterhouse Coopers Chartered Accountants |
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Party
where the Company has control [AS ON
31.03.2014]: |
Redington Employee Share Purchase Trust * |
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Parties
having Significant Influence on the Company [AS ON 31.03.2014]: |
·
Harrow Investment Holding Limited
(formerly known as Redington (Mauritius) Limited), Mauritius * ·
Synnex Mauritius Limited, Mauritius * |
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Subsidiary
Companies [AS ON 31.03.2014]: |
· Nook Micro Distribution Limited, India * · Cadensworth (India) Limited, India* · Easyaccess Financial Services Limited* (Ceased to be Subsidiary w.e.f January 22,2014 (Refer note-35))* · Redington International Mauritius Limited, Mauritius* · Redington International (Holdings) Limited, Cayman Islands ¥ · Redington Gulf FZE, Dubai · Cadensworth FZE, Dubai* · Redington Gulf & Company LLC, Oman · Redington Nigeria Limited, Nigeria · Redington Egypt Limited, Egypt · Redington Kenya Limited, Kenya · Redington Middle East LLC, Dubai · Redington Qatar WLL, Qatar · Ensure Services Arabia LLC, Saudi Arabia (formerly known as Redington Arabia Limited, Saudi Arabia) · Redington Africa Distribution FZE. Dubai · Ensure Services Bahrain SPC, Bahrain (formerly known as Redington Bahrain SPC, Bahrain) · Redington Distribution Pte Limited, Singapore * · Redington Bangladesh Limited, Bangladesh · Redington Qatar Distribution WLL, Qatar · Redington Kenya EPZ Limited, Kenya · Redington Limited, Ghana · Redington Uganda Limited, Uganda · Africa Joint Technical Services, Libya · RGF Private Trust Company Limited, Cayman Islands · Redington Gulf FZE Co, Iraq · Cadensworth United Arab Emirates LLC, Dubai · Redington Morocco Limited, Morocco · Redington Tanzania Limited., Tanzania · Redington SL (Private) Limited, Sri lanka · Redington Angola Limited, Angola · Redington Turkey Holdings S.A.R.L, Luxembourg · Arena Bilgisayar Sanayi Ve Ticaret Anonim Sirketi, Turkey # · Arena International FZE, UAE · Ensure IT Services PTY Limited, South Africa · ProConnect Supply Chain Solutions Limited, India* · Ensure Gulf FZE, Dubai · Ensure Technical Service (PTY) Limited, South Africa · Ensure Middle East Trading LLC,UAE · Ensure Technical Services Kenya Limited, Kenya · Ensure Technical Services Tanzania Limited, Tanzania · Ensure Services Uganda Limited, Uganda · Ensure Solutions Nigeria Limited, Nigeria · Redington Rwanda Limited, Rwanda · Redington Kazakhstan LLP, Kazakhstan Republic · Sensonet Teknoloji Elelektronik Ve Bilisim Hizmetlen Sanayi- Ve Ticaret Limited Sirketi, Turkey ·
·
Formed
during the year · Ensure Supply Chain Logistics LLC, Dubai · Ensure Ghana Limited, Ghana · Ensure Support Services (India) Limited, India* · Ensure Technical Services Morocco Limited(SARLAU), Morocco · Ensure Digital FZ LLC, Dubai ·
·
Acquired
during the year · ADEO Bilisim Danismanlik Hizmetleri San. ve Tic.A.S., Turkey ^ |
|
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Associate
/ Subsidiary of Associate [AS ON 31.03.2014]: |
·
Redington (India) Investments
Limited, India * ·
Currents Technology Retail (India)
Limited, India * |
* Represents
related parties with whom transactions have taken place during the year.
# As
Redington Turkey Holdings S.A.R.L. has effective control over the composition
of Board of Directors, Arena Bilgisayar Sanayi Ve Ticaret Anonim Sirketi is
considered as subsidiary.
^
Arena Bilgisayar Sanayi Ve Ticaret Anonim Sirketi, the step down subsidiary
acquired 50% shares.
¥
Redington International Holdings Limited got merged with Redington
International Mauritius Limited on July 10, 2013.
Related Parties have been identified by the management.
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 799.400 Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
425000000 |
Equity Shares |
Rs.2/- each |
Rs.850.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
399481820 |
Equity Shares |
Rs.2/- each |
Rs.798.964 Million |
|
|
|
|
|
Reconciliation of the shares outstanding at the
beginning and at the end of the reporting period;
|
Equity Shares |
Number
of Shares |
Rs.
In Million |
|
At the beginning of the year |
399152570 |
798.305 |
|
Allotted during the year under Employee Stock Option, 2008
issued during the year |
329250 |
0.659 |
|
Outstanding at the end of the year |
399481820 |
78.964 |
Terms/rights attached to equity shares
Each holder of equity
share is entitled to one vote per share. The Company declares and pays
dividends in Indian rupees. For the year ended March 31, 2014 a dividend of
Rs.0.90 per equity share has been proposed by the Board of Directors (Previous
year Rs.0.40 per equity share). The dividend proposed by the Board of Directors
is subject to the approval of the shareholders at the ensuing Annual General
Meeting which includes an agenda item to consider declaration of dividend.
Shares held by
shareholders holding more than 5% of the paid-up equity capital
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Harrow Investment Holding Limited (formerly known as Redington (Mauritius)
Limited) |
84027302 |
21.03 |
|
Synnex Mauritius Limited |
94295940 |
23.60 |
|
Standard Chartered Private Equity
(Mauritius) Limited |
47686500 |
11.94 |
|
SBI Mutual Fund |
16500939 |
4.13 |
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 |
799.400 |
798.964 |
798.305 |
|
(b) Reserves & Surplus |
12806.300 |
11868.547 |
9856.375 |
|
(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) |
13605.700 |
12667.511 |
10654.680 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
69.300 |
90.607 |
71.009 |
|
Total Non-current Liabilities
(3) |
69.300 |
90.607 |
71.009 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2837.800 |
3570.245 |
6192.673 |
|
(b) Trade
payables |
10780.200 |
11239.236 |
9256.278 |
|
(c) Other
current liabilities |
2045.100 |
2311.193 |
1941.875 |
|
(d) Short-term
provisions |
975.100 |
427.379 |
198.195 |
|
Total Current
Liabilities (4) |
16638.200 |
17548.053 |
17589.021 |
|
|
|
|
|
|
TOTAL |
30313.200 |
30306.171 |
28314.710 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1002.600 |
929.980 |
665.544 |
|
(ii)
Intangible Assets |
0.000 |
11.494 |
1.775 |
|
(iii)
Capital work-in-progress |
0.000 |
39.907 |
153.030 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5464.600 |
4836.953 |
6591.164 |
|
(c) Deferred tax assets (net) |
81.400 |
105.118 |
67.518 |
|
(d) Long-term Loan and Advances |
552.200 |
909.000 |
696.221 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
7100.800 |
6832.452 |
8175.252 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
8349.700 |
8304.857 |
7718.634 |
|
(c) Trade
receivables |
12676.200 |
12350.849 |
9330.191 |
|
(d) Cash
and cash equivalents |
289.900 |
925.895 |
1503.796 |
|
(e)
Short-term loans and advances |
1896.600 |
1892.118 |
1586.837 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
23212.400 |
23473.719 |
20139.458 |
|
|
|
|
|
|
TOTAL |
30313.200 |
30306.171 |
28314.710 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue for Operations |
120213.800 |
112566.184 |
104096.642 |
|
|
|
Other Income |
490.000 |
480.322 |
448.831 |
|
|
|
TOTAL |
120703.800 |
113046.506 |
104545.473 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of trading Stocks |
113881.300 |
106733.115 |
97762.758 |
|
|
|
Employees Benefits |
798.100 |
1013.020 |
1020.906 |
|
|
|
Other Expense |
2568.600 |
2514.264 |
1882.500 |
|
|
|
Changes in Inventories |
(56.200) |
(586.223) |
451.304 |
|
|
|
Profit on sale of long-term investment |
0.000 |
(657.566) |
0.000 |
|
|
|
Allocation for corporate social responsibility expenditures |
49.500 |
0.000 |
0.000 |
|
|
|
TOTAL |
117241.300 |
109016.610 |
101117.468 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3462.500 |
4029.896 |
3428.005 |
|
|
|
|
|
|
838.566 |
|
|
Less |
FINANCIAL
EXPENSES |
624.700 |
769.471 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2837.800 |
3260.425 |
2589.439 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
110.200 |
106.046 |
100.036 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2727.600 |
3154.379 |
2489.403 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
908.000 |
756.500 |
775.667 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1819.600 |
2397.879 |
1713.736 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8072.244 |
5674.365 |
4251.563 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
9891.844 |
8072.244 |
5965.299
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Supplier Rebates and Discounts |
NA |
-- |
-- |
|
|
|
Rebates |
NA |
725.327 |
1698.066 |
|
|
|
Dividend Income |
NA |
57.825 |
62.686 |
|
|
|
Warranty Claims |
NA |
241.891 |
181.939 |
|
|
|
FOB Value of Exports |
NA |
165.924 |
61.784 |
|
|
|
Others |
NA |
5.212 |
1.092 |
|
|
TOTAL EARNINGS |
NA |
1196.179 |
2005.567 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Trading Stocks |
NA |
13419.250 |
23869.945 |
|
|
TOTAL IMPORTS |
NA |
13419.250 |
23869.945 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.55 |
6.01 |
4.29 |
|
CURRENT MATURITIES
OF LONG TERM BORROWINGS DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term borrowings |
NA |
1209.534 |
1602.145 |
|
Cash generated from operations |
NA |
1370.083 |
2488.183 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.51 |
2.13 |
1.65 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
2.88 |
3.58 |
3.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.01 |
12.46 |
11.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.25 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.21 |
0.28 |
0.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40 |
1.34 |
1.15 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
Market Value |
Rs.99.70/- |
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 |
798.305 |
798.964 |
799.400 |
|
Reserves & Surplus |
9856.375 |
11868.547 |
12806.300 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
10654.680 |
12667.511 |
13605.700 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
6192.673 |
3570.245 |
2837.800 |
|
Total borrowings |
6192.673 |
3570.245 |
2837.800 |
|
Debt/Equity ratio |
0.581 |
0.282 |
0.209 |
%20LIMITED%20-%20329197%2026-Jun-2015_files/image020.gif)
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 |
104096.642 |
112566.184 |
120213.800 |
|
|
|
8.136 |
6.794 |
%20LIMITED%20-%20329197%2026-Jun-2015_files/image023.gif)
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 |
104096.642 |
112566.184 |
120213.800 |
|
Profit |
1713.736 |
2397.879 |
1819.600 |
|
|
1.65% |
2.13% |
1.51% |
%20LIMITED%20-%20329197%2026-Jun-2015_files/image025.gif)
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 |
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 |
Yes |
|
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 |
Yes |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
INDEX OF CHARGE:
|
.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10461220 |
30/10/2013 |
200,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA, DR. |
B89943484 |
|
2 |
10451729 |
10/09/2013 |
200,000,000.00 |
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED |
CNERGY, 6TH FLOOR, APPASAHEB MARATHE MARG,, PRABH |
B86028792 |
|
3 |
10337562 |
30/01/2012 |
690,000,000.00 |
DBS BANK LIMITED |
806, ANNA SALAI,, CHENNAI, TAMIL NADU - 600002, IN |
B32961658 |
|
4 |
10281390 |
31/03/2011 |
625,000,000.00 |
DBS BANK LIMITED |
806, ANNA SALAI,, CHENNAI, TAMIL NADU - 600001, IN |
B11099298 |
|
5 |
10243409 |
24/09/2010 |
500,000,000.00 |
BNP PARIBAS |
PRINCE TOWERS, 3RD FLOOR, 25/26, COLLEGE ROAD,, C |
A96363668 |
|
6 |
10144460 |
18/05/2011 * |
600,000,000.00 |
ING VYSYA BANK LTD |
NO 185, ANNA SALAI, CHENNAI, CHENNAI, TAMIL NADU |
B14297105 |
|
7 |
10119092 |
11/06/2014 * |
200,000,000.00 |
BARCLAYS BANK PLC |
KBK TOWERS, 2 FLOOR, NO 33, 33/1 WEST RAJA STREET, |
C09336496 |
|
8 |
10100005 |
26/07/2011 * |
1,250,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI, MAH |
B18474098 |
|
9 |
10075232 |
22/06/2009 * |
600,000,000.00 |
HDFC BANK LIMITED |
MARIAM CENTRE, MOUNT ROAD, CHENNAI, TAMIL NADU - |
A65692758 |
|
10 |
10047152 |
16/12/2013 * |
3,270,000,000.00 |
STANDARD CHARTERED BANK |
19 RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, IND |
B92483528 |
* Date of charge modification
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Short Term
Borrowings |
|
|
|
Loans from Banks |
NA |
238.755 |
|
Total |
NA |
238.755 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2015 (Rs. In Million) |
31.03.2014 (Rs.
In Million) |
|
i. Corporate Guarantees on behalf of subsidiaries |
NA |
0.000 |
|
ii. Bills Discounted |
NA |
939.664 |
|
iii. Channel financing |
NA |
460.370 |
|
iv. Factoring |
NA |
821.250 |
|
v. Claims not acknowledged as debts |
NA |
33.768 |
vi. Disputed Customs
Duty/Income Tax/Sales Tax demands
|
Nature of Dues |
31.03.2015 (Rs. In Million) |
31.03.2014 (Rs. In Million) |
|
Customs duty |
NA |
9.703 |
|
Income Tax |
NA |
1896.447 |
|
Sales Tax |
NA |
181.364 |
NOTE : AS ON 31.03.2014
The Income Tax Assessment for the Accounting Year ended on March 31, 2009 has been completed in January 2014 resulting in a tax demand of Rs. 1290.000 Million (besides interest of Rs. 780.000 Million) mainly on account of tax on Capital Gain arising from Transfer of Company's investment in an overseas subsidiary to another overseas step-down subsidiary in November 2008.
The Company has preferred an appeal against the said demand before the Income Tax Appellate Tribunal (ITAT), Chennai. The Company has paid Rs. 220.000 Million under protest and the ITAT has granted stay for recovery of balance tax demand till August 31, 2014 or disposal of the case whichever is earlier.
Based on eminent tax counsels opinion the management is hopeful of successfully contesting the demand in appeal; accordingly no provision towards the disputed tax claim is presently considered necessary.
FIXED ASSETS:
Tangible Assets
· Land (Freehold)
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Computers
· Vehicles
Intangible Assets
· Software
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 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] 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.63.61 |
|
|
1 |
Rs.99.79 |
|
Euro |
1 |
Rs.71.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.