MIRA INFORM REPORT
|
Report No. : |
312016 |
|
Report Date : |
17.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
MODERN INSULATORS LIMITED |
|
|
|
|
Registered
Office : |
A-4, Vijay Path, Tilak Nagar, Jaipur – 302004, Rajasthan |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
01.05.1982 |
|
|
|
|
Com. Reg. No.: |
17-002460 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 217.435 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31300RJ1982PLC002460 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JDHM06250G/ JPRM00027G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM0860G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
of High Voltage Alumina Porcelain Insulators. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Management has reported working capital intensive operations along
with a steep decline in its net profitability during FY14. The rating also take into consideration, the advanced status of merger
of loss making entity with the subject. However, trade relations seem to be fair. Business is active. Payment
terms are reported as slow but correct. In view of established track record of the subject, the company can be
consider for business dealings with caution. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
A4 (Short Term Bank Facilities) |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk |
|
Date |
09.01.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
BB+ (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
09.01.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a defaulter
in the publicly available RBI Defaulters’ list and the details of the same are
as under :
|
Bank |
Branch |
Quarter |
D&B
D-U-N-S® Number |
Borrower
Name |
Outstanding
Amount ( Rs. in Lacs) |
|
STATE
BANK OF INDIA |
RARB |
31-03-04 |
|
510.0 |
|
|
STATE
BANK OF INDIA |
RARB |
30-06-04 |
|
510.00 |
|
|
STATE
BANK OF INDIA |
RARB |
30-09-04 |
|
510.00 |
|
|
STATE
BANK OF INDIA |
RARB |
31-12-04 |
|
510.00 |
|
|
STATE
BANK OF INDIA |
RARB |
31-03-05 |
|
510.00 |
|
|
STATE
BANK OF INDIA |
RARB |
30-06-05 |
|
510.00 |
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 : |
A-4, Vijay Path, Tilak Nagar, Jaipur – 302004, Rajasthan, India |
|
Tel. No.: |
91-141-2623431 |
|
Fax No.: |
91-141-2621382 |
|
E-Mail : |
|
|
Website : |
http://www.moderninsulators.com |
|
|
|
|
Corporate Office : |
68-69 Godavari, Poachkhanwala
Road, Worli, Mumbai – 400030, Maharashtra, India |
|
Tel. No.: |
91-22-24973269/
24934071 |
|
Fax No.: |
91-22-24950962 |
|
E-Mail : |
|
|
|
|
|
Plant and Marketing Office: |
Post Box No.23, Abu
Road, Talheti – 307026, Rajasthan, India |
|
Tel. No.: |
91-2974-228044 to
47 |
|
Fax No.: |
91-2974-228043 |
|
E-Mail : |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Sachin Ranka |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Siddharth, 9th Floor, R G Thadani Marg, Worli, Mumbai –
400018, Maharashtra, India |
|
Date of Birth/Age : |
28.01.1963 |
|
Date of Appointment : |
30.11.1992 |
|
DIN No.: |
00335534 |
|
|
|
|
Name : |
Mr. Hira Lal Sharma |
|
Designation : |
Whole-time Director |
|
Address : |
605-A, Mansarowar Building, Near Chincholi Crossing, Malad (West),
Mumbai – 400064, Maharashtra, India |
|
Date of Birth/Age : |
03.01.1951 |
|
Date of Appointment : |
23.06.1994 |
|
DIN No.: |
00352410 |
|
|
|
|
Name : |
Mr. Satya Bhushan Lal Jain |
|
Designation : |
Director |
|
Address : |
32, Uniara Garden, Near Police Memorial, Jaipur – 302004, Rajasthan,
India |
|
Date of Birth/Age : |
16.09.1937 |
|
Date of Appointment : |
31.03.1998 |
|
DIN No.: |
00002582 |
|
|
|
|
Name : |
Mr. Ravindra Raniwala |
|
Designation : |
Director |
|
Address : |
44, Jambu Dweep Civil Lines Colony, Rajabhawan Marg, Jaipur-302006,
Rajasthan , India |
|
Date of Birth/Age : |
25.01.1956 |
|
Date of Appointment : |
29.06.2012 |
|
DIN No.: |
00506419 |
|
|
|
|
Name : |
Mr. Deepak Bhagatwat Deshpande |
|
Designation : |
Whole-time Director |
|
Address : |
D-39, Bhuvabagri Co-Operative Housing Limited, Ashokwan, Borivali
(East), Mumbai-400066, Maharashtra, India |
|
Date of Birth/Age : |
11.11.1952 |
|
Date of Appointment : |
01.01.2013 |
|
DIN No.: |
06463412 |
|
|
|
|
Name : |
Mr. Prabhakar Krishna Rao |
|
Designation : |
Director |
|
Address : |
304, 3rd Floor, Girnar Hights, B Wing, Bhakti Park, Wadala (East),
Mumbai-400037, Maharashtra, India |
|
Date of Birth/Age : |
13.11.1935 |
|
Date of Appointment : |
19.06.2014 |
|
DIN No.: |
00465202 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Sharma |
|
Designation : |
Company Secretary |
|
Address : |
20, Balaji Vihar – 21, Murlipura Scheme, Jaipur, Rajasthan, India |
|
Date of Birth/Age : |
15.08.1986 |
|
Date of Appointment : |
03.09.2011 |
|
PAN No.: |
CILPS3381P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Nationalised or other banks |
0.01 |
|
Mutual funds |
4.60 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
2.75 |
|
Bodies corporate |
56.18 |
|
Directors or relatives of Directors |
0.01 |
|
Other top fifty shareholders |
5.07 |
|
Others |
31.38 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of High Voltage Alumina Porcelain Insulators. |
|
|
|
|
Products : |
Alumina
Porcelain Insulators |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
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|
|
|
Imports : |
Not Available |
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|
|
|
Terms : |
|
|
Selling : |
Not Available |
|
|
|
|
Purchasing : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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|
Bankers : |
|
|||||||||||||||||||||
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|||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Financial
Institution: |
IFCI Limited, IFCI Tower 61 Nehru Place, New Delhi - 110019, Delhi, India |
|||||||||||||||||||||
|
|
|
|
Auditors : |
|
|
Name : |
M/s. B.L. Verma and Co. Chartered Accountants |
|
Address : |
B-12, Bhagirath Colony, Chomu House, Jaipur, Rajasthan,
India |
|
PAN No.: |
AAMFS2589L |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
CIN No.: U51109MH2009PTC191078
CIN No.: U17214RJ2009PLC028721 |
|
|
|
|
Enterprises which
are owned, or have
significant influence of or are
partners with Key management personnel and their relatives : |
CIN No.: L17124RJ1976PLC001869
CIN No.: L17124RJ1977PLC001758 |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 million |
|
500,000 |
Preference Shares |
Rs.100/- each |
Rs.50.000 million |
|
|
Total |
|
Rs.300.000
million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21,743,500 |
Equity Shares |
Rs.10/- each |
Rs.217.435
million |
|
|
|
|
|
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 |
217.435 |
217.435 |
217.435 |
|
(b) Reserves & Surplus |
1971.821 |
1831.161 |
1619.824 |
|
(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) |
2189.256 |
2048.596 |
1837.259 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1.449 |
68.000 |
304.226 |
|
(b) Deferred tax liabilities (Net) |
147.926 |
131.441 |
135.216 |
|
(c) Other long term
liabilities |
100.777 |
83.328 |
67.250 |
|
(d) long-term provisions |
90.492 |
74.404 |
63.424 |
|
Total Non-current
Liabilities (3) |
340.644 |
357.173 |
570.116 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
487.402 |
496.459 |
380.294 |
|
(b) Trade
payables |
324.474 |
290.366 |
216.994 |
|
(c) Other
current liabilities |
170.109 |
299.773 |
393.081 |
|
(d) Short-term
provisions |
17.714 |
24.157 |
23.537 |
|
Total Current
Liabilities (4) |
999.699 |
1110.755 |
1013.906 |
|
|
|
|
|
|
TOTAL |
3529.599 |
3516.524 |
3421.281 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1320.023 |
1317.250 |
1336.636 |
|
(ii)
Intangible Assets |
3.231 |
1.286 |
1.578 |
|
(iii) Capital
work-in-progress |
19.914 |
18.642 |
21.077 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
11.711 |
12.205 |
12.205 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
477.633 |
547.856 |
605.562 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1832.512 |
1897.239 |
1977.058 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
187.008 |
83.123 |
85.000 |
|
(b)
Inventories |
608.744 |
631.066 |
522.305 |
|
(c) Trade
receivables |
659.435 |
570.573 |
483.380 |
|
(d) Cash
and cash equivalents |
72.309 |
60.793 |
106.714 |
|
(e)
Short-term loans and advances |
154.460 |
256.853 |
234.486 |
|
(f) Other
current assets |
15.131 |
16.877 |
12.338 |
|
Total
Current Assets |
1697.087 |
1619.285 |
1444.223 |
|
|
|
|
|
|
TOTAL |
3529.599 |
3516.524 |
3421.281 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4593.250 |
3916.202 |
3827.572 |
|
|
|
Other Income |
46.062 |
48.108 |
55.306 |
|
|
|
TOTAL (A) |
4639.312 |
3964.310 |
3882.878 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2156.993 |
1847.067 |
1829.087 |
|
|
|
Extraordinary Items |
104.000 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
7.652 |
(82.599) |
23.151 |
|
|
|
Employees benefits expense |
344.220 |
304.809 |
266.133 |
|
|
|
Other expenses |
1670.911 |
1480.062 |
1337.652 |
|
|
|
TOTAL (B) |
4283.776 |
3549.339 |
3456.023 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
355.536 |
414.971 |
426.855 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
115.971 |
127.046 |
127.906 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
239.565 |
287.925 |
298.949 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
82.420 |
80.342 |
77.736 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
157.145 |
207.583 |
221.213 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
16.485 |
(3.754) |
(2.788) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
140.660 |
211.337 |
224.001 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.47 |
9.72 |
10.31 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.06 |
5.40 |
5.85 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
7.74 |
10.60 |
11.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.49 |
5.96 |
6.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.10 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.22 |
0.28 |
0.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70 |
1.46 |
1.42 |
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 |
217.435 |
217.435 |
217.435 |
|
Reserves & Surplus |
1619.824 |
1831.161 |
1971.821 |
|
Net
worth |
1837.259 |
2048.596 |
2189.256 |
|
|
|
|
|
|
long-term borrowings |
304.226 |
68.000 |
1.449 |
|
Short term borrowings |
380.294 |
496.459 |
487.402 |
|
Total
borrowings |
684.520 |
564.459 |
488.851 |
|
Debt/Equity
ratio |
0.373 |
0.276 |
0.223 |
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 |
3827.572 |
3916.202 |
4593.250 |
|
|
|
2.316 |
17.288 |
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 |
3827.572 |
3916.202 |
4593.250 |
|
Profit |
224.001 |
211.337 |
140.660 |
|
|
5.85% |
5.40% |
3.06% |
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 |
OPERATIONS
The overall performance of the Company has been satisfactory in spite of challenging business environment. The net turnover for the year has been Rs. 4593.300 million as against Rs. 3916.200 million in previous year and net profit before exceptional items and tax Rs. 261.200 million for the year as against Rs. 207.600 million in previous year showing growth of 17% and 26% respectively.
Keeping in view the need to conserve the Company's resources for meeting the enhanced working capital requirement and balancing the manufacturing equipments, your directors deemed it prudent not to recommend any dividend for the year.
INSULATORS DIVISION
The division has achieved a net turnover of Rs. 2739.100 million during the year and profit before interest and depreciation of Rs. 377.500 million as against Rs. 2426.600 million and Rs. 361.100 million respectively of previous year. Performance of this division could be sustained due to benefit of safeguard duty imposed last year which was effective till 31st Dec. 2013. Company's vision to broaden the scope of manufacturing of all kinds of extra high voltage insulators for electrical equipments has borne the fruits witnessed by the performance of the company during the year.
YARN DIVISION
This division has achieved a net turnover of Rs. 1854.200 million and profit before interest and depreciation of Rs. 82.000 million as against Rs. 1489.600 million and Rs. 53.900 million respectively of previous year mainly due to pick up in demand.
EXPORTS
The company is one of the major exporter of H.T. Porcelain Insulators from India. The Company's sustained efforts in exporting its products as well as favourable exchange rates resulted in achieving higher export turnover of Rs. 79 million during the year under review as compared to Rs. 76 million in previous year inspite of stiff competition with the globally giant players (particularly Chinese) in Insulator Industry and deferment of delivery schedule by the overseas customers. The company possesses ability to cater to diverse needs of global customers and further concentrating to strengthen its presence in all corners of global market. This would help company in getting optimum utilization of its productive resources. The company is a regular supplier to all the major multinational OEMs for their worldwide requirements of quality porcelain insulators. The company is also focusing to save cost effectively with RandD activities and better process control so that products of the insulator division remain competitive in terms of quality and price in the international market.
FUTURE PROSPECTS
The Company continuous to be a leader in the manufacture of High Voltage Insulators in the Country. Despite stiff competition from other countries, international buyers show interest to the company's product for its quality and timely delivery and hence the directors are confident of achieving better working results in the coming years. The Company is having well equipped R and D laboratory recognized by Govt. of India, Ministry of Science and Technology which takes care of the stringent quality requirements of customers and ensure quality and reliability in each and every product manufactured. In-house RandD activities have a thrust on development to replace expensive input raw material and to further bring consistency in quality of the products under manufacture. The future of insulator industry looks promising due to major thrust on power sector reforms and speedier implementation of new power projects. The Government of India has given emphasis on upgrading transmission system in the country along with plans for construction of new power transmission girds. PGCIL is looking to connect the Northern and Southern grid shortly. Also industry is pursuing the govt. for imposition of Anti-dumping duty against cheaper Chinese imports as safeguard duty was effective till 31st Dec.-13. In view of this and looking to the present scenario in power sector, the business prospects for Insulator Industry in general and for the Company in particular are encouraging.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10542056 |
18/12/2014 |
539,600.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE BRANCH, CHAMBER BHAWAN, M.I. ROAD, JAIPUR,
Rajasthan - 302001, INDIA |
C39956735 |
|
2 |
10514901 |
25/07/2014 |
845,000,000.00 |
Central Bank of India |
S.C. Road, Jaipur, Jaipur, Rajasthan - 302001, IN |
C16415374 |
|
3 |
10458224 |
15/10/2013 |
2,620,290.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE BRANCH, CHAMBER BHAWAN, M.I. ROAD, |
B88790332 |
|
4 |
10291882 |
05/05/2011 |
640,000,000.00 |
Central Bank of India |
Anand Bhawan, S.C.Road, Jaipur, Rajasthan - 302001, INDIA |
B14852594 |
|
5 |
10150970 |
02/04/2009 |
50,000,000.00 |
Central Bank of India |
Anand Bhawan, S.C.Road, Jaipur, Rajasthan - 302001, INDIA |
A60004165 |
|
6 |
80036567 |
05/02/2015 * |
1,110,000,000.00 |
Central Bank of India |
Anand Bhawan, S.C. Road, Jaipur, Rajasthan - 302001, INDIA |
C44812022 |
|
7 |
80045261 |
15/10/2012 * |
192,500,000.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE BRANCH, CHAMBER BHAWAN, M.I. ROAD, |
B61722062 |
* Date of charge modification
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED
31st September 2014
(Rs. in million)
PART I
|
Sr. No. |
Particulars |
Quarter Ended |
Upto the quarter ended |
|
30.09.2014 |
30.09.2014 |
||
|
(Unaudited) |
(Unaudited) |
||
|
1 |
Income from
Operations |
|
|
|
|
Net Sales |
1028.636 |
2012.645 |
|
|
Other Income |
5.800 |
10.239 |
|
|
Total Expenditure |
947.144 |
1834.275 |
|
|
Profit before interest and depreciation |
87.292 |
188.609 |
|
|
Interest |
32.156 |
59.340 |
|
|
Gross profit |
55.136 |
129.269 |
|
|
Depreciation |
21.174 |
42.201 |
|
|
Profit before
tax |
33.962 |
87.068 |
|
|
Exceptional Items |
-- |
-- |
|
|
Profit before
tax |
33.962 |
87.068 |
|
|
Provision for Income Tax |
-- |
-- |
|
|
Profit after Tax
|
33.962 |
87.068 |
|
14 |
Paid-up Equity Shares Capital |
217.435 |
217.435 |
|
15 |
Reserves and Surplus |
|
|
|
|
- Basic and Diluted (in Rupees,
not annualized) |
1.56 |
4.00 |
|
|
|
|
|
|
PART II |
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
1 |
Public
shareholding |
|
|
|
|
- No of shares |
98.69 |
98.69 |
|
|
- Percentage of shareholding |
45.39% |
45.39% |
|
2 |
Promoters and
promoter group shareholding |
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
- No of shares |
18.66 |
18.66 |
|
|
- Percentage of shares (as a % of the total shareholding of promoters
and promoter group |
15.71% |
15.71% |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
8.58% |
8.58% |
|
|
b)
Non-encumbered |
|
|
|
|
- No of shares |
100.09 |
100.09 |
|
|
- Percentage of shares (as a % of the total shareholding of promoters and
promoter group |
84.29% |
84.29% |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
46.03% |
46.03% |
|
|
Segment
reporting |
Quarter Ended |
Upto the quarter ended |
|
|
|
30.09.2014 |
30.09.2014 |
|
|
|
(Unaudited) |
(Unaudited) |
|
1. |
Segment Revenue |
|
|
|
|
Insulators |
741.336 |
1317.445 |
|
|
Yarn (FDY) |
287.300 |
695.200 |
|
|
Net Sales From
Operations |
1028.636 |
2012.645 |
|
2. |
Segment Results |
|
|
|
|
Profit before Interest and Tax –PBIT |
|
|
|
|
Insulators |
91.318 |
163.208 |
|
|
Yarn (FDY) |
(25.200) |
(16.800) |
|
|
Total |
66.118 |
146.408 |
|
|
Less : Interest |
32.156 |
59.340 |
|
|
Total Profit before Tax |
33.962 |
87.068 |
|
3. |
Capital Employed
|
|
|
|
|
Insulators |
-- |
-- |
|
|
Yarn (FDY) |
-- |
-- |
|
|
Total |
-- |
-- |
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a 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.62.82 |
|
|
1 |
Rs.92.82 |
|
Euro |
1 |
Rs.66.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.