MIRA INFORM REPORT
|
Report No. : |
310280 |
|
Report Date : |
02.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
ORIENT ABRASIVES
LIMITED |
|
|
|
|
Registered
Office : |
1307, Chiranjiv Tower, 43, Nehru Place, New Delhi – 110019 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
12.11.1971 |
|
|
|
|
Com. Reg. No.: |
55-005854 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 119.652 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24299DL1971PLC005854 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RKTO00158E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACO0221C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the production and selling of fused aluminum oxide
grains, calcined products, and generation of power |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4200000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having good track record. There seems some dip in the turnover and profit of the company during
FY 2014 however, net worth of the company is satisfactory. General financial
position of the company is good. 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 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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. It carry low credit risk |
|
Date |
04.04.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1+ |
|
Rating Explanation |
Very Strong degree of safety and carry lowest credit risk. |
|
Date |
04.04.2014 |
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
31-03-2014.
LOCATIONS
|
Registered Office : |
1307, |
|
Tel. No.: |
91-11-26449480/ 26462225/ 26425446/ 26425447/ 46425400 |
|
Fax No.: |
91-11-26443859/ 46425444 |
|
E-Mail : |
|
|
Website : |
http://www.orientabrasives.com |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
High Alumina Raw Materials (Abrasives Grains and Power Division) GIDC Industrial Area, Porbandar - 360577, Gujarat, India |
|
Tel. No.: |
91-286-242913/ 241788/ 789/ 246064 |
|
Fax No.: |
91-286-242719 |
|
E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Rama Shankar Bajoria |
|
Designation : |
Director |
|
Date of Birth : |
17.05.1943 |
|
Date of Appointment
: |
30.07.2001 |
|
Qualifications : |
B.Com. |
|
Experience : |
Wide experience in Rubber Industry |
|
Directorship in other Companies : |
1. Orient Refractories Limited 2. Farseen Rubber Industries Limited 3. Rajputana Investment and Finance Limited |
|
|
|
|
Name : |
Mr. Sudhir Kumar Samarendra Narayan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Umesh K Khaitan |
|
Designation : |
Director |
|
Date of Birth : |
20.12.1948 |
|
Date of Appointment
: |
11.02.1997 |
|
Experience : |
Mr. Umesh Kumar Khaitan is an accomplished Lawyer
practicing both in the Supreme Court and the High Courts. He has experience
of about 42 years in the field of law. He is also on the Board of some other
well known companies. |
|
Directorship in other Companies : |
1. United Holdings Private Limited 2. Sutlej Textiles and Industries Limited 3. Indo Continental Hotels and Resorts Limited 4. Amrit Agro Industries Limited 5. Aiyer Manis Rubber Estate Limited 6. Nehru Place Hotels Limited 7. Hindustan Everest Tools Limited 8. Ashutosh Holdings Private Limited 9. Shreeparna Holdings Private Limited 10. K and K Feast Makers Private Limited 11. Oriental Bank of Commerce 12. Ferro Alloys Corporation Limited 13. Combine Accurate Financial Services (India) Limited 14. Numero Uno Clothing Limited 15. Geepee Agri Products Private Limited 16. Combine Fin Products Private Limited |
|
|
|
|
Name : |
Mr. Shri Gopal Rajgarhia |
|
Designation : |
Managing Director |
|
Qualification : |
B. Tech. (Hons.), S. M. (MIT) |
|
Date of Appointment
: |
01.08.1973 |
|
|
|
|
Name : |
Mr. Prem Prakash Khanna |
|
Designation : |
Executive Director |
|
Date of Birth : |
03.04.1939 |
|
Date of Appointment
: |
07.10.2006 |
|
Qualifications : |
B.Sc., BE, AMIE |
|
Experience : |
Wide experience in setting up manufacturing and power plants of the Company. |
|
Directorship in other Companies : |
1. Orient Refractories Limited |
|
|
|
|
Name : |
Mr. Manoj C Ganatra |
|
Designation : |
Non Executive Independent Director |
|
|
|
|
Name : |
Mr. R K Khanna |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Amarsingh Sihag |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
30534857 |
25.52 |
|
|
30534857 |
25.52 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
30534857 |
25.52 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
44811 |
0.04 |
|
|
3264273 |
2.73 |
|
|
3309084 |
2.77 |
|
|
|
|
|
|
39966667 |
33.41 |
|
|
|
|
|
|
20705316 |
17.31 |
|
|
22796730 |
19.05 |
|
|
2326546 |
1.94 |
|
|
470807 |
0.39 |
|
|
20317 |
0.02 |
|
|
1835422 |
1.53 |
|
|
85795259 |
71.71 |
|
Total Public shareholding (B) |
89104343 |
74.48 |
|
Total (A)+(B) |
119639200 |
100.00 |
|
(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) |
119639200 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the production and selling of fused aluminum
oxide grains, calcined products, and generation of power |
||||||||||
|
|
|
||||||||||
|
Products : |
|
||||||||||
|
|
|
||||||||||
|
Brand Names : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Agencies Held : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Exports : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Imports : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Terms : |
Not Available |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· HDFC Bank Limited, Delhi Branch, India ·
State Bank of India ·
Standard chartered |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
Note : LONG TERM
BORROWING Foreign currency
loan a) of Rs.90.735
Million (Previous year Rs. 1,372.00 Million) carries interest @ LIBOR plus 3%
p.a., is repayable in 16 quarterly installments of USD 250,000 each from the
date of October 2011. It is exclusively secured on all the wind mills of the
company. b) of NIL (Previous year `746.88 Million) carries
interest @ LIBOR plus 450 was secured by first pari passu charge by way of
hypothecation on entire current assets and Plant and Machinery and Other
movable assets of the company both present and future and for securing the cash
credit limit of ` 1500 lacs. The said charge was satisfied on December 13,
2013. The Managing Director has also given personal guarantee to the banks
for these facilities. SHORT TERM
BORROWING Working capital
loan from banks are secured by first pari passu charge on all current assets
of company, both present and future, including stocks of raw materials,
stores, spares, stocks in process andfinished goods etc lying in their
premises, godowns, elsewhere including those in transit and all present and
future book-debts / receivables of the company. These facilities are further
secured by second pari passu charge on the entire fixed assets of the
Company. The managing director has also given a personnel guarantee to the
bank for this facility. The working capital loan is repayable on demand and
carries interest @ 10% - 14% p.a. |
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company LLP Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
The Enterprises controlled, owned or significantly influenced by key
managerial personnel or their relatives: |
· Unifrax India Limited · Pyramid Abrasives Private Limited · Hindustan General Industries Limited · HGI Finance and Leasing Limited · Rovo Marketing Private Limited · Madhushree Properties Private Limited · Orient Coated Private Limited · Zipper Trading Enterprises Limited · Orient Refractories Limited (till 15 March 2013) |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120000000 |
Equity Shares |
Rs.1/- each |
Rs.120.000 Million |
|
400000 |
6% redeemable cumulative preference shares |
Rs.100/- each |
Rs.40.000 Million |
|
|
Total |
|
Rs.160.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
119639000 |
Equity Shares |
Rs.1/- each |
Rs.119.639
Million |
|
|
Shares forfeited |
|
Rs.0.013 Million |
|
|
Total |
|
Rs.119.652 Million |
Reconciliation of the equity
shares outstanding at the beginning and at the end of reporting period
|
Particulars |
Rs. In Million |
|
At the beginning of the year |
|
|
119639000 (Previous year 119639000) equity shares of Rs. 1.00 each |
119.639 |
|
Outstanding at the year end |
|
|
119639000 (Previous year 119639000) equity shares of Rs. 1.00 each |
119.639 |
Terms/rights attached to
equity shares
The
Company has only one class of equity shares having a par value of Rs. 1.00 per share.
The holder of each fully paid equity share is entitled to one vote. The Company
declares and pays dividends in Indian rupees. The dividend proposed by the
board of directors is subject to the approval of the shareholders in the
ensuing annual general meeting.
During
the year ended March 31, 2014 the amount of per equity share dividend
recognized as distributions to equity shareholders is Rs.0.20 (Previous year
Rs.0.35)
In
the event of liquidation of the Company, holders of equity shares will be entitled
to receive remaining assets of the Company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
Aggregate number of bonus
shares issued and shares issued for consideration other than cash during the
period of five years immediately preceding the reporting date:
(Rs. in Million)
|
Particulars |
March 31, 2014 |
|
Equity shares issued as fully paid bonus shares by capitalisation of capital redemption reserve, securities premium and general reserve |
59.820 |
Details of shareholders
holding more than 5% shares in the Company
|
Name |
March 31, 2014 |
|
|
|
No. |
% holding |
|
|
|
|
|
Mr.
S G Rajgarhia |
235.80 |
19.71% |
|
Bombay
Minerals Limited |
215.35 |
18.00% |
As per of the Company, including its register of
shareholders / members and other declarations received from shareholders
regarding beneficial interest, the above shareholding represents both legal and
beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
119.652 |
119.652 |
119.652 |
|
(b) Reserves & Surplus |
1350.736 |
1308.121 |
1197.627 |
|
(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) |
1470.388 |
1427.773 |
1317.279 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
30.245 |
90.458 |
130.025 |
|
(b) Deferred tax liabilities
(Net) |
97.223 |
96.026 |
102.308 |
|
(c) Other long term
liabilities |
2.087 |
2.051 |
3.566 |
|
(d) long-term provisions |
0.000 |
0.000 |
4.287 |
|
Total
Non-current Liabilities (3) |
129.555 |
188.535 |
240.186 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
175.545 |
102.732 |
353.919 |
|
(b) Trade payables |
144.448 |
168.133 |
127.668 |
|
(c) Other current liabilities |
88.158 |
159.307 |
106.738 |
|
(d) Short-term provisions |
37.244 |
56.463 |
37.406 |
|
Total
Current Liabilities (4) |
445.395 |
486.635 |
625.731 |
|
|
|
|
|
|
TOTAL |
2045.338 |
2102.943 |
2183.196 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1020.239 |
1122.190 |
1229.432 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
12.170 |
6.465 |
6.321 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.526 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
108.491 |
97.654 |
117.640 |
|
(e) Other Non-current assets |
6.178 |
11.009 |
3.205 |
|
Total
Non-Current Assets |
1147.078 |
1237.318 |
1357.124 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
508.106 |
503.000 |
471.702 |
|
(c) Trade receivables |
281.541 |
265.394 |
287.341 |
|
(d) Cash and cash equivalents |
16.690 |
19.152 |
18.521 |
|
(e) Short-term loans and
advances |
67.359 |
50.067 |
25.847 |
|
(f) Other current assets |
24.564 |
28.012 |
22.661 |
|
Total
Current Assets |
898.260 |
865.625 |
826.072 |
|
|
|
|
|
|
TOTAL |
2045.338 |
2102.943 |
2183.196 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1737.818 |
1819.649 |
1671.363 |
|
|
Other Income |
12.802 |
26.020 |
12.198 |
|
|
TOTAL
(A) |
1750.620 |
1845.669 |
1683.561 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
504.873 |
544.332 |
516.229 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(9.121) |
(16.460) |
(50.887) |
|
|
Employees benefits expense |
158.845 |
146.048 |
117.908 |
|
|
Other expenses |
836.561 |
785.821 |
785.638 |
|
|
TOTAL
(B) |
1491.158 |
1459.741 |
1368.888 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
259.462 |
385.928 |
314.673 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
26.671 |
52.328 |
65.781 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
232.791 |
333.600 |
248.892 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
127.006 |
127.398 |
123.130 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
105.785 |
206.202 |
125.762 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
35.175 |
46.718 |
34.357 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
70.610 |
159.484 |
91.405 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
10.000 |
60.000 |
30.000 |
|
|
Dividend |
23.928 |
41.874 |
3.882 |
|
|
Tax on Dividend |
4.067 |
7.116 |
23.928 |
|
|
Total
(M) |
37.995 |
108.990 |
57.810 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
13.065 |
82.408 |
0.000 |
|
|
TOTAL
EARNINGS |
13.065 |
82.408 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2.800 |
2.870 |
5.783 |
|
|
Components and Stores parts |
41.808 |
40.994 |
33.407 |
|
|
Capital Goods |
0.000 |
0.000 |
10.104 |
|
|
TOTAL
IMPORTS |
44.608 |
43.864 |
49.294 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.59 |
1.33 |
0.76 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
4.06 |
8.76 |
5.47 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
14.93 |
21.21 |
18.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.20 |
9.84 |
5.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.14 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.14 |
0.14 |
0.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.02 |
1.78 |
1.32 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
119.652 |
119.652 |
119.652 |
|
Reserves & Surplus |
1197.627 |
1308.121 |
1350.736 |
|
Net
worth |
1317.279 |
1427.773 |
1470.388 |
|
|
|
|
|
|
long-term borrowings |
130.025 |
90.458 |
30.245 |
|
Short term borrowings |
353.919 |
102.732 |
175.545 |
|
Total
borrowings |
483.944 |
193.190 |
205.790 |
|
Debt/Equity
ratio |
0.367 |
0.135 |
0.140 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1671.363 |
1819.649 |
1737.818 |
|
|
|
8.872 |
(4.497) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1671.363 |
1819.649 |
1737.818 |
|
Profit |
91.405 |
159.484 |
70.610 |
|
|
5.47% |
8.76% |
4.06% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
10% Loan from body corporates repayable on demand |
22.542 |
18.682 |
|
10% Loan from directors repayable on demand |
25.440 |
25.402 |
|
|
|
|
|
Total |
47.982 |
44.084 |
CORPORATE
INFORMATION
The Company is
engaged in the production and selling of fused aluminum oxide grains, calcined products,
and generation of power. The Company has manufacturing facilities at Porbandar
(Gujarat) and Power Generation facilities at Rajasthan and Karnataka.
OPERATIONS REVIEW
AND FUTURE OUTLOOK
The gross turnover
of the company decreased to Rs.1931.679 Million during the year under review
from Rs. 2002.539 Million in the
previous year. Accordingly Profit Before Tax (PBT) and net profit were Rs.
105.785 Million and Rs. 70.610 Million respectively as compared to Rs. 2,06.202
Million and Rs.159.484 Million respectively in the previous year.
The company could
sell non-plant grade bauxite amounting to Rs. 84.018 Million, as compared to
Rs. 248.839 Million, in the previous year, due to non receipt of permission
from the Gujarat Government. The company expects to sell a larger quantity in
the current year after the receipt of permission from the Government. The
Market for abrasive grains is showing improvement in the current year. In order
to meet the increased demand the company has got the connected load from
Paschim Gujarat Vij Company Ltd. (PGVCL) increased to 4 M.W. from 2.4 M.W. This
will enable the company to operate one additional furnace. The Company is also
installing an additional tilting furnace which will increase the productivity
and reduce the cost of production of white fused grains.
The Company has
installed wind power plants of 11.1 M.W. in Rajasthan and Karnataka. The plants
in Karnataka are operating satisfactorily but the plants in Rajasthan faced
several local problem like theft of cables etc. Therefore the generation of
power was lower compared to pervious year. During the year the gross revenue
from sale of power to respective state power distribution companies was Rs.
69.877 Million as compared to Rs. 89.557 Million in the previous year. The
Company has a total thermal power plant capacity of 18 Mega Watt (MW) out of
which 9 MW is based on coal and 9 MW on furnace oil. Due to unaffordable price
of furnace oil, the furnace oil based power plant is used as and when required
and found viable.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
GENERAL REVIEW
The Company was
incorporated in the year 1971 in New Delhi. The Company has three business
divisions namely the Abrasives Grains Division at Porbandar, Gujarat that
manufactures fused alumina grains and calcined products, the Refractory
Monolithics Division that manufactures refractory castables and monolithics and
the Power division comprising of thermal power plants and wind turbine
generators.
The Abrasives
Grains Division, the first of Company’s all divisions, was established in the
year 1974. The Company also has a Power Division that generates electricity for
captive consumption which was set up in 1998 and expanded in 2007 with the
addition of a 9 MW coal based thermal power plant. In 2010, the Company
ventured into green energy projects by setting up wind turbines. At present the
total commissioned capacity of the wind farms is 11.1 M.W. The power generated
from the windmills is sold to the state electricity board with which there are
power purchase agreements in place.
BUSINESS
DIVISIONS/SEGMENTS
As mentioned
above, the Company has two major business segments in terms of the nature of
output (i) Fused Aluminium Oxide Grains including Calcined Products and Refractories
Monolithics and (ii) Electricity (Power Division), which have been elucidated
in the following paragraphs:
Abrasive Grains
and Refractory Monolithics
The Abrasives
Grains Division at Porbandar is the first manufacturing unit set up by the Company.
The Division manufactures calcined bauxite and fused aluminium oxide abrasive
grains. Raw bauxite and calcined alumina are the basic raw materials used for
the manufacture of abrasive grains. Raw bauxite is procured from mines owned by
the Company and others and calcined alumina is purchased from aluminium
companies, Hindalco Industries Limited being prominent amongst them. These
products are used in the manufacture of refractories and grinding wheels &
coated abrasives. The Company manufactures refractory castables and monolithics
used in the cement and steel industries. It is also located in Porbandar,
Gujarat.
Power Generation
The Company has a
total thermal power plant capacity of 18 MW out of which 9 MW is based on coal
and 9 MW
on furnace oil. The
thermal power plant based on coal is more economical and is operated at full
capacity. The electricity from this power division is meant for captive
consumption by the manufacturing division at Porbandar. The Company also has
wind power generation capacity of 11.1 M.W. The power generated by these plants
is sold to the respective state power distribution companies.
CONCERNS AND
FUTURE OUTLOOK
The demand for
abrasive grains on the domestic front is increasing steadily. The company has
adequate production capacity and technology to meet the increased demand while
maintaining the quality.
The abrasive
grains division is a power intensive unit and at present it depends on the
State supplier and captive thermal power plant to fulfill its energy needs. The
in house power plant was set up to economise on the cost of electricity and to
avail uninterrupted supply. However since the cost of generation has increased
over the years due to steep rise in fuel costs, the capacity availed from the
State Electricity Board is being reviewed as an alternative. There was an
increase in demand of royalty by the Gujarat Government for the low grade
bauxite mined and exported by the Company in the previous years, which is being
contested at higher levels by all the affected parties including the Company.
The availability of abrasive grade bauxite is a matter of concern. The reserves
in our mines are depleting. The Company is making efforts to get more mining
leases. Efforts are also underway for importing the raw material. Except for
the above concerns, the future of the Company looks encouraging. The wind
turbines have started generation on full scale which will increase the sales
and profits in the coming years.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31,
2014
(Rs. In Million)
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
Nine Month Ended |
||||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
449.122 |
520.863 |
1400.342 |
|
|
|
b. Other Operating Income |
0.177 |
1.293 |
1.470 |
|
|
|
Total Income from
Operations (Net) |
449.200 |
522.156 |
1401.812 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
162.676 |
142.278 |
445.412 |
|
|
|
b. Purchase of Stock-in trade |
|
|
|
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(75.223) |
2.816 |
(137.872) |
|
|
|
Stores and Spares Consumed |
47.901 |
51.266 |
151.494 |
|
|
|
d. Employees Benefit Expenses |
45.682 |
43.610 |
134.623 |
|
|
|
e. Depreciation and Amortisation Expenses |
30.273 |
30.496 |
92.401 |
|
|
|
f. Power and Fuel |
132.971 |
150.892 |
433.636 |
|
|
|
f. Other expenses |
41.286 |
29.680 |
101.853 |
|
|
|
Total Expenses |
385.566 |
451.038 |
1221.547 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
63.733 |
71.118 |
180.265 |
|
|
4 |
Other Income |
0.277 |
0.235 |
8.388 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
64.010 |
71.353 |
188.653 |
|
|
6 |
Finance Costs |
6.869 |
6.900 |
20.051 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
57.150 |
64.453 |
168.602 |
|
|
8 |
Exceptional items |
-- |
-- |
-- |
|
|
9 |
Profit from
ordinary activities before tax |
|
|
|
|
|
10 |
Tax Expense |
17.397 |
19.124 |
51.365 |
|
|
|
- Income Tax |
|
|
|
|
|
|
- Deferred Tax |
|
|
|
|
|
11 |
Net Profit from
ordinary activity after tax |
39.753 |
45.329 |
117.237 |
|
|
12 |
Extraordinary Items |
-- |
-- |
---- |
|
|
13 |
Net Profit After
Tax |
|
|
|
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
1196.52 |
1196.52 |
1196.52 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
|
|
|
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
0.33 |
0.38 |
0.98 |
|
|
|
Diluted EPS |
0.33 |
0.38 |
0.98 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
89104343 |
89104343 |
89104343 |
|
|
|
- Percentage of shareholding |
74.48% |
74.48% |
74.48% |
|
|
18 |
Promoter & Promoter
Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
30534857 |
30534857 |
30534857 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
25.52% |
25.52% |
25.52% |
|
|
|
Particulars |
Quarter ended
December 31, 2014 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
2 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the
quarter |
1 |
Note :
- The above financial results were reviewed by audit committee and approved by the Board of Director at their meeting held on F their meeting on February 09, 2015.
- Tax expenses includes current tax and tax.
- The Company has reassessed the useful life in terms of guidance available under Schedule II of Companies Act, 2013. Due to the above, the depreciation charge is lower by Rs. 2.125 Million for the nine-months ended December 31, 2014 including Rs. 0.973 Million for the quarter ended December 31, 2014
- Statutory auditors have carried out limited review on above results for the quarter ended December31, 2014.
- Previous period figures have been regrouped/rearranged. Wherever considered necessary to conform to the current quarter classification.
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND
CAPITAL EMPLOYED
(Rs. In Million)
|
Particulars |
Quarter
Ended (
Unaudited) |
Year
Ended (
Unaudited) |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
a.
Information about Primary Business Segments |
|
|
|
|
1.
Segment Revenue |
|
|
|
|
Fused Aluminum
Oxide Grains Including raw bauxite calcined products and monolithic |
441.815 |
491.500 |
1349.705 |
|
Power division |
118.642 |
141.980 |
1349.705 |
|
Total |
560.457 |
633.480 |
1739.257 |
|
Add : Unallocted corporate income |
0.277 |
5.043 |
8.388 |
|
Less : Inter Segment Revenue |
111.158 |
116.132 |
337.444 |
|
Net
Sales |
449.576 |
522.391 |
1410.201 |
|
|
|
|
|
|
2.
Segment Result |
|
|
|
|
Fused Aluminum Oxide
Grains Including raw bauxite calcined products and monolithic |
63.925 |
55.046 |
170.523 |
|
Power division |
10.349 |
23.747 |
46.430 |
|
Total |
72.274 |
78.793 |
216.953 |
|
Less : Interest |
6.405 |
78.793 |
216.953 |
|
Less : Unallocable expenditure/income net
off unallocable income/expenditure |
10.719 |
7.917 |
29.577 |
|
Total |
57.150 |
64.453 |
168.602 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
Fused Aluminum Oxide
Grains Including raw bauxite calcined products and monolithic |
1125.396 |
1087.867 |
1125.396 |
|
Power division |
679.173 |
719.584 |
679.173 |
|
Unallocted |
(219.641) |
(262.274) |
(219.641) |
|
Total |
1584.928 |
1445.177 |
1584.928 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10231125 |
12/12/2011 * |
240,000,000.00 |
STANDARD CHARTERED BANK (Acting as an Security Age |
CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA |
B28178994 |
|
2 |
10055256 |
09/06/2014 * |
220,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL, |
C23483159 |
|
3 |
10044733 |
30/11/2012 * |
180,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, VARDHMAN TRADE CENTER,DDA BUIL |
B64349665 |
* Date of charge modification
FIXED ASSETS
· Land (Leasehold, Freehold and Improvement)
· Building
· Plant and Machinery
· Furniture and Fixture
· Office Equipments
· Vehicles
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.79 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.69.28 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ART |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
|
52 |
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.